India says first phase of US trade deal finalised
SPY•India’s trade secretary said the first phase of a trade deal with the United States has been finalised and is undergoing legal drafting. India is seeking preferential market access and greater tariff stability under the proposed agreement.
1. Legal drafting underway
Trade secretary Rajesh Agrawal said negotiations with Washington were moving in the right direction and that legal work was underway. “We anticipate concluding and signing the trade deal at the earliest possible time,” he said.
2. Trade tensions persist
Agrawal said India was seeking preferential market access and greater tariff stability. Ajay Srivastava of the Global Trade Research Initiative said the United States could still use the threat of tariffs over India’s Russian oil purchases to press for an unequal deal.
