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India-US Trade Deal Nears End, But Agreement Not Imminent
India and the United States are trying to make a new trade agreement.
The talks are close to the end, but the countries still disagree about some important items.
US trade official Jamieson Greer said a deal will not happen immediately.
He said the remaining difficult issues have been identified and are being discussed.
Greer recently met India’s Commerce Minister Piyush Goyal.
The meeting was described as constructive by the US side and productive by the Indian side.
The leaders of both countries may speak again soon about the negotiations.
The talks are also affected by possible US tariffs connected to India buying Russian oil.
India and the United States already have disagreements about tariffs and trade rules.
US Trade Representative Jamieson Greer said negotiations with India are in their final stretch but an agreement is not imminent.
Greer and Indian Commerce Minister Piyush Goyal described their recent discussions as constructive or productive.
The two sides have identified the remaining issues blocking an interim agreement under the broader bilateral trade agreement.
Greer said Prime Minister Narendra Modi and President Donald Trump could speak again soon to review progress.
Negotiations are occurring amid uncertainty over possible US tariffs linked to Russian energy purchases and existing tariffs on Indian goods.
- Who
- The governments of India and the United States, represented in the talks by Piyush Goyal and Jamieson Greer.
- What
- They are negotiating an interim trade agreement under the broader India-US Bilateral Trade Agreement, but the agreement is not yet imminent.
- Where
- The latest talks took place around the G20 Trade Ministers’ Meeting in Milwaukee, Wisconsin, while further staff discussions are continuing in the United States.
- When
- Greer made the remarks on Thursday, after meeting Goyal the previous day; the articles do not provide a single consistent calendar date for the remarks.
- Why
- The countries are working to resolve identified sticking points while managing disagreements over tariffs, forced-labour rules, industrial subsidies and India’s purchases of Russian energy.
Early-Agreement Expectations
Cautious US Assessment
Timing of the interim deal
Early-Agreement Expectations
India’s side has discussed the early conclusion of a mutually beneficial interim agreement and described its latest discussion as productive.
Cautious US Assessment
Greer said the talks are near completion but cautioned that an agreement is not imminent.
Effect of remaining disputes
Early-Agreement Expectations
The negotiating teams are continuing to meet and are working toward resolving the identified issues.
Cautious US Assessment
The remaining sticking points are significant enough that the final agreement cannot yet be expected soon.
Trade pressure
Early-Agreement Expectations
India is pursuing an agreement while monitoring possible US action connected to its purchases of Russian crude.
Cautious US Assessment
The United States is considering tariff tools related to Russian energy purchases and has raised separate concerns involving forced labour and subsidized industrial capacity.
Key facts
- US negotiator
- Jamieson Greer, United States Trade Representative
- Indian negotiator
- Piyush Goyal, India’s Commerce and Industry Minister
- Negotiation status
- The talks are described as being in their final stretch, but no agreement is imminent.
- Main obstacle
- Both sides have identified a group of unresolved items described as sticking points.
- Possible leaders’ call
- Narendra Modi and Donald Trump may speak again soon to assess progress.
- Potential Russian-energy measure
- US legislation described in the reports allows possible tariffs of up to 100% on countries meeting specified criteria involving Russian crude oil or natural gas purchases.
- Existing US tariff
- The reports say India faces an additional 10% tariff under Section 301 over alleged use of forced-labour inputs, an allegation India denies.
Quotes
Jamieson Greer
United States Trade Representative
“At the same time, I do not think there is something imminent, but we truly have identified the universe of items that are sticking points”
scroll.in
“My sense is that the president, the prime minister may have another call very soon on this just to assess progress and where we are.”
financialexpress.com
Sources
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