India, US trade deal talks largely complete

NEW DELHI: India and the US could also be nearing a bilateral trade deal with additional rounds of talks unlikely, amid assertions that govt desires the end result to be balanced and equitable. “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,” commerce & trade minister Piyush Goyal mentioned at an occasion right here. Separately, a senior official additionally mentioned that negotiations with the US had been largely complete and no additional rounds could also be wanted. “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 mentioned. India and the US have accomplished 5 rounds of negotiations on the official degree, with Goyal and exterior affairs minister S Jaishankar holding talks with their counterparts. The feedback got here as American President Donald Trump indicated that the US was prepared to slash the 50% tariffs on India and the 2 nations are shifting nearer to a trade deal, for which a Fall deadline had been set. Earlier, Goyal had mentioned that the pact could also be finalised by Nov. The official additionally mentioned that trade talks with New Zealand had been practically complete, with New Zealand’s Trade Minister Todd McClay anticipated in India this Friday for closing discussions. The EU Trade Commissioner Maros Sefcovic is prone to go to in mid-Dec for one more spherical of negotiations. Meanwhile, the Gulf Cooperation Council (GCC) has additionally sought to open trade talks with India whereas Bahrain and Qatar (its members) need to negotiate separate bilateral agreements. The official mentioned Goyal may even journey to Israel subsequent week to discover discussions on trade and investments in defence, know-how, and agriculture. Addressing a gathering of state commerce and trade ministers, Goyal outlined India’s technique on bilateral trade agreements, stating that the brand new set of pacts are with developed nations, consistent with India’s purpose of changing into a developed financial system. In the previous, he mentioned, the treaties had been largely with competitor economies similar to Asean nations. He additionally mentioned India is in search of new markets similar to Russia for the nation’s fishery sector, which is dealing with points because of the steep US tariffs .