India says first phase of US trade deal nearly done, insists on edge over rivals
SPY•India’s trade minister said the first phase of a trade deal with the United States is in the final stages of drafting, but India will proceed only if it secures a tariff advantage over competing exporters. The deal’s framework lowered tariffs on most Indian goods to 18% from 50%.
1. Deal in final drafting
Trade Minister Piyush Goyal said the first tranche of the deal would be finalised soon, but India wanted comparable or competitive tariff advantages over economies including Bangladesh, Vietnam and Indonesia. Trade Secretary Rajesh Agrawal said India anticipated concluding and signing the deal at the earliest possible time and was seeking preferential market access and greater tariff stability.
2. Trade and negotiations
India’s goods exports to the United States rose to $42.79 billion in April-August from $40.39 billion a year earlier. Negotiations have slowed, and a new US law could pave the way for tariffs of up to 100% on Indian goods because of India’s continued purchases of Russian oil.
