The Strategist

India, US are close to concluding trade agreement

07/22/2020 - 07:46

India and the United States are close to a trade agreement after two years of negotiations, Indian Trade Minister Piyush Goyal said on Tuesday.

“In the long term, I believe we have a trade deal that includes some outstanding issues that have piled up over the past couple of years that we need to quickly address. We are almost there,” Goyal said at the US-India Business Council Ideas Summit, which was held virtually.

Goyal also said that New Delhi and Washington should consider a preferential trade pact with 50-100 goods and services before moving on to a free trade pact.

“We believe that we should also look at an early outcome in the form of a preferential trade agreement, rather than wait for the benefits of a free trade agreement, which could take several years,” he said.

In February of this year, US President Donald Trump announced that the United States could reach a trade agreement with India, but postponed the development of a "major agreement" until later, explaining that he is not sure if these agreements will be signed before the US presidential elections scheduled for November.

Later, Indian Foreign Ministry spokesman said that New Delhi would not rush to conclude a trade deal with the United States. India and the US are trying to resolve differences over tariffs and US demands for increased access to poultry and dairy markets.