India-US trade pact
New Delhi, July 13: Negotiations for a trade agreement between India and the US are progressing well, and the framework deal is ready, which will be signed at the right time, Commerce Secretary Rajesh Agarwal said on Monday.
India is seeking a comparative advantage on the tariff front in the agreement vis-a-vis its competitor nations.
“There was a very good discussion (with the US team). The framework deal is ready…whenever there is right time, it will be signed. We are negotiating a framework deal and a bilateral trade agreement (BTA), and both things are progressing well,” Agrawal told reporters here.
Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer last month held bilateral talks on issues related to the first phase of the bilateral trade agreement here.
Trade deals are all about preferential market access or comparative advantage.
“So that is something which is getting structured, whenever it is ready, things will be signed. But we are on a safe way, our understanding is safe, both sides are very clear what is there in the framework deal, what is being negotiated under BTA, and we are progressing there,” he said.
He added that the bilateral trade is growing between the two countries. India has also been increasing its energy imports from the US.
“So there is no negativity or any sort of differences between India and the US. Both sides know each other’s expectations, both sides know what is coming in the framework deal, and both sides know what is beyond the framework deal that is being negotiated between the two sides,” he said. (PTI)
