India-US mini trade deal in 48 hours, India presses for concessions: report
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Washington: India's trade team is working with its US counterparts in Washington to iron out differences to clinch a mini trade deal, NDTV reported.
The deal is important for both sides as the pause on US tariffs is to be lifted on July 9 deadline that President Trump announced.
It is reported that the deal is to be made in the next 48 hours after Indian team extended its stay in the US national capital.
However, both sides have to arrive at agreement over a number of issues including the US demand that India open market to genetically modified crops.
Also, the US side is looking for greater access to Indian agriculture and diary sectors.
However, Indian side is reportedly not ready to accept both these demands viewing that modified crops could put farms in trouble.
Both agriculture and dairy sectors are to be kept outside the deal over concerns of harming rural livelihoods and food safety.
Indian team is looking forward to gain ‘meaningful’ tariff concessions on its job-creating exports like footwear, garments and leather.
New Delhi is learnt to be not willing to sign a deal that fails to address sectoral access and reciprocal tariffs on its exports.
Negotiators points out that the goal of doubling bilateral trade to $500 billion by 2030 cannot be achieved without broader tariff cuts.
‘Our estimate is that once the Interim India-US Trade Deal is finalised, Indian exports to the US will double within the next three years,’ Federation of Indian Export Organisations (FIEO) CEO Ajay Sahai reportedly said.
US President Donald Trump on Tuesday said that India and the US will make a trade deal having ‘much less tariffs’.
‘I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs,’ Trump was quoted as saying.
