India has set its limits on major issues in areas like agriculture and dairy for the proposed interim trade agreement with the US, so now Washington is in the hands of finalizing the deal. According to sources, if all issues are resolved, this interim trade agreement can be announced before July 9.
The 90 -day tariff (fee) exemption given by US President Donald Trump for many countries including India is also ending on this day. He said, “India has set its boundaries. Now the ball is in America's court.” India and the United States announced to start negotiations for bilateral trade agreement (BTA) in February. He has decided to complete the first phase of this BTA by September-October this year. Before that, both countries want to decide an interim trade agreement.
America imposed 26 percent tariff
On April 2, the US imposed a 26 percent recipe on Indian goods, which was later postponed for 90 days. However, the original tariff of 10 percent is still applicable. India wants it to get a complete discount from the 26 percent fee. Sources said, “If the conversation does not reach any conclusion, then 26 percent tariff will be implemented again.”
No trade agreement under pressure: Piyush Goyal
Commerce Minister Piyush Goyal said last week that India will not make any trade agreement under the pressure of time limit and the proposed trade agreement with the US would be accepted only when it is in the national interest. He said that the Free Trade Agrament (FTA) is possible only when both sides benefit from equal. Only last week, the Indian delegation has returned to the US after talking on the interim trade agreement. There are also differences between the two countries over the fees spent on steel, aluminum (50 percent) and vehicles (25 percent).
What will be the deal?
India has refused to give fees concessions on agriculture and dairy products, as both these subjects are sensitive. India has never opened the dairy sector in any trade agreement. Trump said last week that his administration is going to send letters to 1012 countries, in which the details of the counter -duty rates will be given and the entire process can be completed by 9 July.
Source: www.tv9hindi.com
: Language Inputs
