India-US trade deal soon? First tranche near closure! would be ‘highly detailed and fully aligned with WTO’
India and the US are finally close to locking in on a trade deal, sealing a pact which will address both the reciprocal and oil tariffs . A government official told PTI on Monday that discussions are going on to close on a package which will include issues such as America’s market access to the country, and 25% reciprocal tariffs and the additional 25% oil duties. “We should get a closure soon”, the official added.The Union commerce & industry minister had earlier said, “We are working for a good trade deal in the interest of India. We want a fair, equitable, and balanced trade deal with the US. If that happens, it could happen any day, tomorrow, next month, or next year. But as a govt, we are preparing for everything.” Additionally, a senior official further revealed that the trade talks were majorly completed and that no further round may be required. “They (the US) have to get back to us. It’s the most comprehensive, WTO-compliant treaty compared to any other nation. We negotiated very cautiously, keeping in mind the sensitivities of key sectors. There is no deadline,” the official said.The trade negotiations between the two nations have stalled since the US announced an additional tariff of 25% on Indian imports to the country, taking the total to a whopping 50%. Washington implemented the additional tariffs alleging India’s continous buying of Russian crude, which it claimed supported, Moscow’s war machine against Ukraine.
