India-US trade talks progressing well, India trade secretary says

[NEW DELHI] Trade talks between India and the US are “progressing well” and New Delhi does not see any challenges in successfully concluding a deal, India’s trade secretary said on Monday (Jul 13). “The framework deal is ready. Whenever it is the right time, it will be signed,” trade secretary Rajesh Agrawal said at a press briefing, while detailing monthly export and import data for June.

In February, ⁠the two sides agreed to 18 per cent tariffs on Indian goods in exchange for New Delhi lowering trade barriers and buying more American ​goods. But a final deal has been clouded by the US Supreme Court ruling invalidating President Donald Trump’s sweeping global tariffs.

“We are ready to sign but deals are about comparative advantage. These preferences are versus some competitors and countries,” Agrawal said, adding such an advantage is getting “structured”.

After the court order, the bulk of goods from India currently face a 10 per cent US tariff, like most countries. The Trump administration is expected to introduce steeper tariffs this month through probes into excess industrial capacity.

Washington has already proposed new tariffs of up to 12.5 per cent on dozens of nations, including India, over allegations they failed to curb trade in goods made with forced labour.

“There is no negativity, difference between India and US,” Agrawal said. REUTERS