The signing of the interim trade deal within just days of announcement is testament to the seriousness of the ties which both the nations attach to bilateral trade. Not only it brings down tariffs from 50% to zero in most items, but also it will help in investment, technology sharing and service sectors: Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai and President All India Association of Industries.
World Trade Centre Mumbai warmly welcomes the announcement of the interim pact on the India–United States Trade Deal, marking a significant milestone in strengthening one of the world’s most consequential strategic and economic partnerships. In a joint statement released by both the countries followed by a press conference by Union Commerce Minister Piyush Goyal, the broader contours of the trade deal were specified along with a tentative deadline of completion of the final BTA by March this year. Speaking on the interim trade deal, Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai and President All India Association of Industries said, “The announcement of the trade deal was met with calculated responses as the contours of the deal were not revealed. With today’s joint statement, it is amply clear that this trade deal will support India’s long-term endeavour to Viksit Bharat strengthening our position in international trade while cementing our bilateral ties geopolitical and geoeconomically”. Explaining the rationale behind the optimism Dr. Kalantri said, “The interim trade pact reduces the tariffs from 50% to almost zero for critical exports products like gems and jewellery, pharma, agri products, auto components, smartphones, etc.
