Important news has come out for India regarding the trade agreement with America. Negotiations are going on regarding the proposed Bilateral Trade Agreement (BTA) between the two countries. Meanwhile, the US has assured India that under the trade agreement, India can be given special concessions in terms of tariffs as compared to other countries. A senior government official gave this information on Saturday. This news has raised hopes among the industries and exporters doing business between India and America.
According to a government official, India intends to conclude the first phase of the trade agreement by the end of the current fiscal year. To achieve this goal, the two countries are simultaneously negotiating at two levels. In the first phase, efforts are being made to finalize the initial package of the agreement. While in the second phase pending issues related to comprehensive bilateral trade agreement are being discussed.
The official further said that the outcome of another investigation initiated by the US Trade Representative (USTR) against India is yet to be announced. The final position on tariffs will be determined based on the outcome of this investigation and the terms to be negotiated between the two countries. So the exact details of the tariff concessions to be given to India are not yet revealed.
What progress has been made in trade agreement negotiations?
Issues relating to the services sector will not be included in the initial package of trade agreements. According to officials, issues related to services will be discussed during the second round of talks. It will then be incorporated into a comprehensive bilateral trade agreement.
The final trade agreement will be a legal document, covering various issues related to trade between the two countries. The agreement will also have a separate chapter for customs and trade facilitation. Its main purpose is to facilitate the process of import-export of goods between the two countries and to make customs related rules and procedures more clear.
An important meeting was held between the officials of India and America
Earlier, an official of the Ministry of Commerce had informed that the issues related to customs and trade facilitation were discussed between Indian and American officials. A two-member team from America visited India on November 2 and 3 for this meeting. During the visit, the officials of the two countries discussed various issues related to import-export process, customs arrangements and trade facilitation.
Currently, India and the US are moving in phases to finalize the trade agreement. Both countries are trying to agree on issues first, which can be resolved quickly. The remaining critical issues will then be discussed and progress will be made towards finalizing a comprehensive trade agreement.
If this agreement is successfully implemented, the trade relationship between India and the US can take a new direction. The potential relief in tariffs could prove important, especially for Indian exporters and industries trading in the US market.
Trending Video: The tail of the plane hit the runway twice during landing
. Source
