New Delhi: India and the United States have started a fresh round of trade talks from June 2, aiming to finalise the first phase of the long-awaited Bilateral Trade Agreement (BTA). The discussions will continue till June 4 and are expected to focus on resolving the last few pending issues.
The proposed agreement is seen as an important step in strengthening economic and trade ties between the two countries. Officials from both sides have already agreed on the broad framework of the deal.
Most Of The Work Already Completed
Union Commerce and Industry Minister Piyush Goyal said that around 99 percent of the negotiations have been completed. According to him, only a few issues remain unresolved.
Goyal expressed confidence that the first phase of the agreement will be signed soon. He also indicated that discussions on the second phase of the BTA will continue after the first stage is completed.
What Will The Agreement Cover?
The first phase of the trade pact is expected to include several important areas. These include market access for goods and services, reduction of non-tariff barriers, customs facilitation, investment promotion and economic security cooperation.
Government sources said discussions may also cover tariffs imposed under Section 301 of US trade law. India is seeking relief from certain trade-related investigations and restrictions that affect exporters.
Benefits For Indian Exporters
Experts believe the agreement could provide Indian exporters with better access to the US market. Preferential trade terms may help Indian products compete more effectively against goods from other countries.
The deal is also expected to improve investment opportunities and support stronger business cooperation between the two economies.
Senior Officials Leading Talks
The US delegation is being led by chief negotiator Brendan Lynch, while India’s team is headed by Darpan Jain, Additional Secretary in the Department of Commerce.
Officials said the current round of talks is mainly focused on legal and technical details before a formal announcement is made.
Background To The Discussions
The negotiations had faced delays after changes in US tariff policies. The US Supreme Court had earlier ruled against President Donald Trump's reciprocal tariff regime introduced under the International Emergency Economic Powers Act (IEEPA).
Following the ruling, the US imposed a temporary 10 percent tariff on imports from all countries for 150 days starting February 24, which affected the timing of trade discussions. Despite these developments, both countries have continued negotiations and now appear close to concluding the first phase of the agreement.
