India, US make progress in trade talks
NEW DELHI, Apr 24:
India and the US made positive progress during three-day trade talks in Washington this week, with both sides agreeing to remain engaged to sustain the momentum going forward, the Government said today.
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About a dozen officers from India were in Washington during April 20-22 to hold discussions with the US authorities on finalising the details of the first phase of the bilateral trade agreement (BTA).
The talks deliberated on issues including market access, non-tariff measures, technical barriers to trade, customs and trade facilitation, investment promotion, economic security alignment and digital trade, the commerce ministry said in a statement.
"The meetings were conducted in a constructive and positive spirit, with meaningful and forward-looking discussions enabling progress on key matters. Both sides agreed to remain engaged to maintain this momentum as they move forward," it said.
As the tariff landscape has changed in the US, both sides are relooking at the framework of the agreement, the text of which was released on February 7.
US Trade Representative Jamieson Greer has said India is a "tough nut to crack".
Following the decision of the US Supreme Court against the sweeping tariffs imposed by US President Donald Trump on a number of countries, the Trump administration imposed a 10 per cent tariff on all countries from February 24 for 150 days.
According to that framework, the US had agreed to reduce tariffs on India to 18 per cent, from 50 per cent. It had removed the 25 per cent tariffs on Indian goods for buying Russian oil and was to cut the remaining 25 per cent to 18 per cent under the pact.
But on February 20, the US Supreme Court ruled against Trump's reciprocal tariffs which were imposed under the 1977 International Emergency Economic Powers Act (IEEPA).
After that, the President announced the imposition of 10 per cent tariffs on all countries for 150 days, starting February 24.
Under the agreed framework, India proposed to eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products. (PTI)
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