Following two years of dialogue, today India and the United States are closing on a trade deal said Commerce Minister Piyush goyal.
India is looking for discounts on the exports of generic drugs it exports to the United States in exchange for launching its dairy trade and cutting tariffs as both parties hunt to seal a new trade pact.
Both countries have been in talks on a limited trade pact focussed also at re-establishing Indian exports to the US at zero tariffs on a range of goods. This would be covered under the Generalised System of Preferences (GSP) from which the trump pull out the previous year because of the scarcity of reciprocal access to Indian markets.
Goyal addressing the U.S.-India Business Council’s India Ideas Summit, being held online said, “In the long term, I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years, which we need to get out of the way quickly. We are almost there,”
Commerce Minister also said that New Delhi and Washington should look at a preferential trade pact with 50 to 100 products and services before moving to a free trade pact
He further added, “We believe we should also look at an early harvest in the form of a preferential trade agreement rather than waiting for the gains of a free trade agreement, which can take several years to conclude,”