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economictimes.indiatimes.com / 1 year ago
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economictimes.indiatimes.com / 1 year ago
US bilateral trade pact round-I to focus on duty sops for goods
India-US Bilateral Trade Agreement (BTA) will primarily focus on duty concessions on goods and New Delhi is hopeful of the pact bringing predictability in tariffs, regulations and investment climate, officials said on Monday.
Assistant US Trade Representative for South and Central Asia Brendan Lynch is in New Delhi starting Tuesday for three days of negotiations on the proposed trade deal. His visit comes ahead of the April 2 deadline for likely imposition of reciprocal tariffs on all countries, including India, by the Trump administration.
The proposed India-US trade pact is likely to be finalised in two tranches with the first phase expected to focus on issues concerning bilateral goods trade, though full clarity on the issue will emerge by the end of this week, the officials said.
They added that both sides are expected to finalise the contours, schedule of negotiations, and terms of reference of the proposed BTA during Lynch's visit. The first tranche of the deal is targeted for completion by Fall of 2025.
India said it is looking forward to «productive and constructive discussions» with the incoming US delegation to «expand and deepen our bilateral trade and economic ties in a mutually beneficial manner».
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«As part of regular India-US trade-related interactions at the official level, Assistant US Trade Representative for South and Central Asia Brendan Lynch, along with a team of US government officials, will be visiting India from March 25-29,» the commerce and industry ministry said in a statement, announcing the visit.
«This visit reflects the US' continued commitment to advancing a productive and balanced trade relationship with India,» the US government said in a statement.
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