India, US closer to interim trade pact

New Delhi: India and the US inched closer to an interim trade deal with New Delhi announcing Wednesday that significant headway has been reached during discussions on pathways to conclude the pact.Earlier in the day, commerce and industry minister Piyush Goyal and US trade representative Jamieson Greer concluded two days of negotiations aimed at finalising the first phase of a bilateral trade agreement (BTA).Also Read: India, US move closer to interim trade deal after Goyal-Greer talks"Both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum from successive technical and ministerial-level engagements," the commerce and industry ministry said in a statement. "Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA," said the ministry, which termed the latest talks as a "key step" towards a deal.Goyal and Greer reaffirmed their commitment to a trade pact that's balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries. Both sides deliberated on elements such as market access, digital trade and non-tariff barriers, per the statement.Greer, who was in New Delhi from June 22-24, held "multiple rounds" of talks with Goyal on the first phase of the BTA. This round is seen as crucial ahead of the July 24 expiry of 10% temporary tariffs by the US on imports from trading partners."The two leaders conducted a comprehensive review of core BTA elements, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers, and expanded cooperation in strategic sectors," the ministry said.Also Read: India, US conclude two-day trade talks"India has a long history of agriculture, of manufacturing, but we also know that they're moving forward in technology," Greer said in a prerecorded video message Wednesday. "They want to move forward in AI, cooperate and collaborate with the US on the technologies of the future and trade of the future, and that is some of the exciting opportunities that we'll have between the United States and India, is to capitalise on that."The two sides have held six rounds of talks so far, including chief negotiator-level discussions in New Delhi June 2-4."We reviewed progress of the ongoing India-US trade discussions and explored avenues to further deepen our economic partnership," Goyal said in a post on X on Wednesday."I appreciate Ambassador Greer's leadership and the sustained efforts of both teams in advancing our discussions in a constructive and forward-looking manner.""Recognising the growing significance of the India-US economic partnership amid evolving global trade dynamics, both sides reiterated their shared goal of expanding bilateral trade, fostering innovation, and building resilient, trusted supply chains," according to the ministry statement.Greer's visit comes days after PM Narendra Modi and US President Donald Trump held their first meeting in more than a year on the sidelines of the G7 summit in France on June 17.Referring to the meeting between Modi and Trump, Greer said the two leaders agreed to take the relationship to the next level "including the trade deal that we're working on".

from Economic Times https://ift.tt/WtjCho5