High-Stakes India-US Trade Talks: A Race Against Time

India and the US are engaged in crucial negotiations to finalize a bilateral trade agreement before the July 9 deadline. Led by Rajesh Aggarwal, the discussions aim to avert the expiration of temporary tariff protections amid contentious issues like agricultural duties and GM crops market access.

India's trade team is currently immersed in high-level negotiations in the United States, where the goal is to finalize a bilateral trade agreement before July 9, as time ticks down on a deadline to secure an interim deal ahead of expiring temporary tariff protections. Chief Negotiator Rajesh Aggarwal is leading dialogues with the US Trade Representative's Office.

Officials, suggesting the talks could extend beyond their original Thursday and Friday slots, stress that India's interests remain paramount in these delicate negotiations. As the expiry of the 90-day tariff suspension looms, the stakes are increasingly high for both nations.

Throughout the discussions, several contentious points have emerged. The United States pressures India to lower tariffs on American agricultural and dairy products and to open markets for genetically modified crops, requests India is resisting due to concerns over food safety and farmer protections. Broader access for US agricultural interests remains a flashpoint.

Despite these hurdles, both countries aim to reach an interim agreement to avoid reverting to previous tariff levels. Indian officials, however, note that even the older structure gives India an edge over competing manufacturing nations.

US President Donald Trump recently injected optimism into the proceedings, calling a potential trade deal with India 'a very big one' and expressing a preference for negotiations over tariff impositions. However, Trump indicated his readiness to impose tariffs unilaterally if talks fail.

As the crucial July 9 deadline nears, the two nations juggle complex economic and political concerns, with the results of these talks poised to affect bilateral trade dynamics for years.

(With inputs from agencies.)