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New Delhi: India and the US have reached the ‘necessary compromises’ to sign an interim trade deal as both sides are weeding out differences, according to a top US expert.
Mark Linscott, adviser to the US India Strategic Partnership Forum, said that the deal will be something between ‘mini deal or a mega trade agreement’, adding ‘I think it will be more than mini. I think it will be quite substantial in terms of cutting tariffs.’
Linscott also told NDTV that the deal will focus on industry as well as some ‘outcomes on agriculture’ but without including dairy and wheat ‘I know that there has been a lot of press attention to those two sub-sectors on agriculture in recent days. Largely, I think those are straw men.’
The two teams reportedly hit roadblock during discussion with India seeking greater market access for its job-creating goods while the US wanted concessions for its agricultural products.
Both parties have been racing against July 9 deadline when the suspension of US reciprocal tariffs is ending, to finalise the deal.
The interim agreement according to Linscott is likely to accommodate sensitivities on both sides, adding that ‘India is special. It is a market that matters more than almost any other market. India is an ally that has a special place in US strategic policies.’
The US administration is keen on getting the deal done which is different from the agreement that the US had with other trading partners be it Korea or Japan or the European Union, according to Linscott.