Existing Trade Pact Differences With US Have Been Resolved, Says Piyush GoyalOctober 22, 2019 12:25
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With the existing issues around the trade pact between India and US, things are believed to be on track right now. The trade minister of India, Piyush Goyal said on Monday that the outline for the trade pact between the two nations has already been resolved to an extent and is going to be announced pretty soon.
There have been consistent trade disputes between the two countries which ended up with higher tariffs on some of the products of either nation. US was also reported to have revoked the key concession to India.
The collateral damage caused to some of the trade wars of the United States has been impacting the rest of the world while President Trump is working on renegotiating with some of Washington’s top trading partners.
In a recent conference, Goyal said that he is currently hoping to meet the United States trade representative Robert Lighthizer very soon. In the US-India Strategic Partnership Forum stated saying, “We have almost resolved the broad contours of what we are going to announce. I don’t see any great difficulty in closing the gap on the first announcement.”
The deal that they are discussing on is focusing on lowering the tariffs on US farm produce while providing faster and seamless approval to the Indian pharmaceuticals to enter into the US market.
India no doubt has grave impacts on the pharmaceutical market and US is one of the top importers of the products involved.
Goyal was further quoted saying, “With regards to the trade talks between India and the US, Commerce and Industry Minister said that things are on the right track and India is looking to the U.S. for technology, innovation, skills and quality education.”
If the reports from the USISPF are to be considered, the India-US bilateral trade is projected to grow around to $238 billion by 2025 from the existing $142.1 billion which was in 2018.
Some of the sectors that is expected to see better trades between US and India include defence, commercial, oil and LNG, aircrafts, machinery as well as electronics.
India, on the other hand, is aiming to promote some of the industries including automotive, pharmaceuticals, IT and travel services, seafood to the US market.
Goyal also believes that both India and US need to opt for a better and larger trade agreement. The further details regarding the deals and pacts are yet to be disclosed.
By Somapika Dutta