New Delhi, June 22 (IANS). India and America are going to intensify talks to take forward the proposed bilateral trade agreement (BTA). US Ambassador to India Sergio Gore said on Monday that US Trade Representative Jamieson Greer will hold several rounds of meetings with Union Commerce and Industry Minister Piyush Goyal in New Delhi. The meetings are aimed at hammering out a trade deal ahead of a key tariff deadline that comes into force next month.
“Excited to welcome Ambassador Greer to New Delhi. Several meetings are scheduled with Minister Piyush Goyal to advance the US-India trade agreement,” Sergio Gore said in a post on social media platform X.
Greer’s talks with Piyush Goyal come as both countries are trying to finalize the framework for the first phase of a proposed bilateral trade agreement ahead of next month’s crucial tariff deadline.
This ministerial level meeting is part of the ongoing interim trade agreement negotiations between India and America. It is believed that this interim agreement will pave the way for a comprehensive bilateral trade agreement in the future.
Last Sunday, Union Minister Piyush Goyal had said that his American counterpart is going to come to New Delhi to discuss the trade agreement.
“My counterpart is coming to Delhi tomorrow to talk about a trade deal with the US,” he told reporters.
Earlier this month, Commerce Secretary Rajesh Aggarwal had said that the main objective of the talks between the two countries would be to finalize the framework agreement and take forward negotiations on a comprehensive trade agreement.
Piyush Goyal had also said that India and America are moving rapidly towards resolving all the pending issues related to the interim trade agreement. He expressed confidence that the first phase of BTA can be completed by the middle of next month.
This conversation is also considered important because the 10 percent temporary tariff imposed by America on all its trading partner countries is going to end on July 24.
This temporary tariff was imposed in addition to the ‘Most Favored Nation’ (MFN) duty rates announced by the US administration earlier this year. After the end of the 150 day period, America can implement a new tariff regime.
This new ministerial level talks is taking place after the Chief Negotiator level meetings held in New Delhi between June 2 and June 4. Taking forward the proposed trade agreement was also discussed in those meetings.
Both India and the US are working on a phased trade arrangement with the aim of strengthening economic ties and increasing trade. Besides, both the countries are also moving towards a comprehensive bilateral trade agreement.
–IANS
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