U.S.-India trade talks deemed optimistic and progressive by Indian officials
The ongoing trade negotiations between the United States and India have taken a turn, with both nations preparing for a formal sixth round of news discussions. However, the talks were recently put on hold due to disagreements over American demands for greater market access for agricultural products, reduced tariffs on industrial goods, and stronger intellectual property protections in India.
The canceled news discussions, which were scheduled to take place from August 25 to August 29, 2021, saw the U.S. representatives from the U.S. Trade Representative's office in New Delhi. The Indian side was led by Chief Negotiator Rajesh Agrawal.
The U.S. had been pushing for India to open its vast farm and dairy markets, a demand that India has resisted. In response, the Trump administration imposed a 25% punitive levy on Indian imports from August 27, doubling overall tariffs to 50%.
Despite the setbacks, both sides remain optimistic about reaching a mutually beneficial Trade Agreement. The Indian commerce ministry has stated that efforts would be intensified to achieve this goal.
The news discussions covered bilateral trade ties, including a possible India-US trade deal, and a possible conclusion of a Trade Agreement was anticipated. The talks were described as positive and forward-looking by New Delhi.
The canceled U.S. delegation visit to New Delhi was not the first time such an event occurred. In August, India's exports to the U.S. fell to $6.86 billion from $8.01 billion in July. This decline could potentially be a result of the heightened tariffs and stalled news talks.
Exporters have warned that the full impact of the higher tariffs would be felt from September. However, India's commerce ministry remains hopeful, with a focus on achieving an early conclusion of a mutually beneficial Trade Agreement.
As the negotiations continue, both nations will need to find common ground to move forward. The stakes are high, with potential benefits for both economies if a deal can be reached. The sixth round of talks is expected to provide clarity on the future direction of US-India trade relations.
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