India and US Close to Finalizing Interim Trade Agreement

US and Indian officials are in Delhi to finalize an Interim Bilateral Trade Agreement, focusing on market access, tariff relief, and investment promotion. The ongoing talks, led by US negotiator Brendan Lynch and India's Darpan Jain, are aimed at strengthening economic ties and addressing technical regulatory issues.

Indian negotiators are prioritizing preferential market access and tariff relief from US Section 301 investigations as high-level trade talks commence in Delhi. This four-day meeting aims to finalize an Interim Bilateral Trade Agreement, with discussions led by US Chief Negotiator Brendan Lynch and India's Additional Secretary Darpan Jain.

Union Commerce Minister Piyush Goyal, at the operational launch of the India-Oman CEPA, stated the framework of the agreement is nearly settled. "Technical issues remain, but the framework is complete. The US team is part of this crucial three-day discussion," Goyal confirmed, referencing the agreement announced by the leaders of both nations on February 3.

According to Goyal, only minor details need resolution. US Ambassador Sergio Gore corroborated this, noting that 99% of matters are decided. The focus now is on reflecting recent legal changes in the US within the agreement. The latest round builds on the April visit of an Indian delegation to Washington, emphasizing reciprocal trade as outlined in a February joint statement.

As part of the agreement, India aims to reduce tariffs on US industrial goods and agricultural products, including dried distillers' grains and tree nuts. Sergio Gore expressed optimism at the US-India TRUST Initiative at IIT Delhi, highlighting the potential signing of the agreement in the coming weeks amid growing Indo-US economic cooperation.

Bilateral trade in goods and services has surged from USD 20 billion to over USD 220 billion in twenty years, marking India as a key strategic partner for the US, Gore noted. The collaboration seeks to cement India's role as a strategic ally for Washington. (ANI)