The tension in India-US relations due to high tariffs may soon resolve. Both the countries are very close to finalizing the proposed bilateral trade agreement (BTA), as there seems to be a consensus between the two sides on most of the issues.
India-America close to agreement
According to news agency PTI, a senior official said on Friday that the provisions and terms of the trade agreement between the two countries are being finalized. He said, “As far as the agreement with America is concerned, we are very close to finalizing it.” The official further said that very few issues remain to be resolved. The talks are progressing smoothly and at present no new issue is hindering the talks. He said that so far five rounds of negotiations have been completed for the first phase of the India-US bilateral trade agreement.
Piyush Goyal’s strong statement
Meanwhile, Union Commerce Minister Piyush Goyal has said that India is in no hurry to sign a trade deal. Goyal’s statement comes at a time when India is negotiating trade agreements with the US and the European Union (EU). According to Reuters, during the Berlin Global Dialogue, Goyal said that any conditions imposed by trading partner countries that limit India’s trade options will not be accepted.
It is noteworthy that talks on Free Trade Agreement (FTA) are going on between India and the European Union, but no consensus has been reached yet on market access and other issues. Apart from the EU, India is also discussing trade agreements with many other countries including the US. Goyal’s comments come at a time when India is facing heavy pressure from the Trump administration and the European Union to buy cheaper crude oil from Russia. The US has imposed a high tariff of 50 percent on India, along with an additional tariff of 25 percent on buying cheaper crude oil from Russia.