1 hr ago
India-US Trade Agreement Nears Understanding Amid Tariff Policy Uncertainty
India and the United States have been working on a trade agreement.
India’s foreign minister said the two countries mostly understand what the agreement should contain.
He also said the deal is very close to being finished.
However, changes in US tariff rules have made it harder to decide when to sign it.
India wants to protect its small farmers and manufacturers during negotiations.
The minister said terrorism is another important concern for India.
He also said disagreements about people moving between the two countries affect the relationship.
Both countries hope their relationship will improve, but they must first work through these issues.
India and the United States have reached a broad understanding on a proposed trade agreement, according to External Affairs Minister S. Jaishankar.
Jaishankar called the agreement “very, very far advanced” but said changing US tariff policy has complicated its conclusion.
India is assessing when to finalize the deal while a US Section 301 process continues.
Jaishankar said differences in the two economies, including India’s many small farmers and manufacturers, require patience and detailed negotiations.
He identified terrorism and the movement of people as other issues shaping India’s relationship with the United States.
- Who
- India, the United States, and External Affairs Minister S. Jaishankar.
- What
- India and the United States have reached a broad understanding on a proposed trade agreement, but its conclusion remains uncertain.
- Where
- New York.
- When
- The comments were made during a discussion in New York; the articles do not provide a specific date.
- Why
- Changing US tariff policy, an ongoing Section 301 process, economic differences, terrorism concerns, and mobility issues are affecting the timing and wider relationship.
Key facts
- Trade agreement status
- Jaishankar said the proposed agreement is “very, very far advanced” and that there is more or less an understanding.
- Main obstacle
- Changes in the basis for US tariffs and an ongoing Section 301 process are complicating the timing.
- Economic considerations
- India’s economy includes many small farmers and manufacturers, with a production structure different from that of the United States.
- Other bilateral concerns
- India considers terrorism and the movement of people important to its relationship with Washington.
- Relationship goal
- Jaishankar said India hopes the relationship will move on an upward trajectory.
- Broader cooperation
- India and the United States have expanded cooperation in trade, technology, defence, and education over the past two decades.
- Multilateral grouping
- India and the United States are members of the Quad alongside Australia and Japan.
Quotes
S. Jaishankar
India's External Affairs Minister
“If one of my primary concerns is not fully appreciated by my partner, then clearly there is an impact of that on the relationship”
thehansindia.com
“We have reached a situation where there is more or less an understanding on the trade agreement”
thehansindia.com
Sources
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