New Delhi, Sep 15: Amid the thaw in India-US relations, American Chief Negotiator Brendan Lynch is set to arrive in India on Monday night, and the two nations will resume trade negotiations on Tuesday.
According to Commerce Ministry sources, trade discussions are going on at several levels, and as the US Chief Negotiator comes to India, further course of action will be decided once the trade talks resume.
“There is a positive frame of mind on both sides while approaching trade issues,” according to a government source. Sources further said that trade talks are already underway, and this visit is not for the sixth round of negotiations.
The sixth round of talks on the bilateral trade agreement (BTA), originally scheduled to begin on August 25 in New Delhi, was postponed. The BTA aims to more than double bilateral trade to $500 billion by 2030, up from the current $191 billion. According to ministry sources, they will discuss all the pending issues with the US team related to the trade deal.
“Certain issues are in the diplomatic realm where MEA is also engaged,” they informed. Local dynamics have been constantly changing in the past months with respect to the uncertainty on US tariffs, and export changes are based on competitiveness from different countries.
Meanwhile, the government is considering support measures worth about Rs 25,000 crore for exporters under the Export Promotion Mission, announced in the Budget, for five financial years. The Commerce Ministry has sent the proposal to the expenditure finance committee (EFC) of the Finance Ministry. According to sources, the Export Promotion Mission (EPM) scheme is set to go to the Cabinet soon for approval with a “much bigger amount” than proposed earlier, and inter-ministerial consultation has already taken place. The scheme will be fungible, flexible, and nimble to address the concerns of exporters. Once approved, it can help insulate domestic exporters from global trade uncertainties arising from tariffs. –IANS na/vd
