The India-U.S. Trade Deal (BTA) is now in its final stages, awaiting governmental approval. Both countries have expressed their stances, addressing various issues including tariffs. Now, the final decision rests on U.S. President Donald Trump's approval, as reported.
According to LiveMint, the trade deal's finalization appears imminent following U.S. Trade Representative Jamison Greer's endorsement, yet the ultimate outcome hinges on Trump's decision. Indian negotiators focus on sectors excluding agriculture and dairy, as India's stance remains firm against compromising on these frontiers.
Sources involved in this process, speaking on condition of anonymity, have informed Mint that the first phase of the India-U.S. bilateral trade agreement awaits President Donald Trump's final approval. Gaining Greer's endorsement marks a pivotal step and could significantly enhance trade relations.
Foundation of the Negotiations
Talks between the two nations have revolved around specific terms. India aims to bolster its agriculture and dairy sectors by ensuring better market access through lower tariffs. Once approved, this agreement could redefine trade perspectives, economically benefiting both nations.
This deal is viewed as a foundation for future trade discussions, setting a precedent for advancing bilateral agreements collaboratively.
Demands from the U.S. and India
The U.S. insists on reduced tariffs for agricultural and dairy imports to access India’s vast marketplace. Furthermore, it advocates for tariff reductions across auto and other sectors. Conversely, India remains resolute in not compromising its agriculture and dairy sectors.
India is urging the U.S. to reduce its 26% tariff to 10% or even lower. Additionally, India seeks American support for boosting SMEs.
