Initial focus on a preferential trade pact with 50 to 100 products and services
After 2 years of negotiations, India and the United States are close to inking a trade deal, according to reports from Reuters.
Both sides are looking for reduced tariffs on farm goods in order to close the deal. India is also hoping to secure concessions for generic pharmaceutical exports to the US and increased access to American dairy markets.
Both countries have been negotiating to draw up a limited trade pact aimed at restoring zero tariffs on a range of Indian exports to the United States under its Generalized System of Preferences (GSP).
Speaking at the US-India Business Council’s India Ideas Summit, Commerce Minister Piyush Goyal said a quick trade deal to get pending matters from the last couple of years out of the way is being readied.
He further added that New Delhi and Washington should look at a preferential trade pact with 50 to 100 products and services before moving to a free trade pact which can take several years to conclude.
