India-US trade deal negotiations approaching finishing line, says Jaishankar
External Affairs Minister S Jaishankar said the two nations are in the final stretch of trade talks.
External Affairs Minister S Jaishankar said on Saturday that negotiations for a trade agreement between India and the US are nearing completion. Speaking at the Hindustan Times Leadership Summit, Jaishankar noted that the discussions are in the final stages, according to reports by The Times of India, Hindustan Times, and Deccan Chronicle.
The minister stated that many of the outstanding concerns are not primarily on the Indian side, as more changes have occurred on the American end. He explained that the process has been painstaking, involving a line-by-line approach to tariffs to ensure the agreement is beneficial and balanced.
Jaishankar said the goal is to secure a deal that provides India with a comparative advantage over similar economies. He noted that the negotiations could not be completed quickly because the issues involve serious matters such as people's jobs and lives.
The trade talks follow the Trump administration's imposition of 50 per cent tariffs on Indian exports last year, though both sides reached an understanding earlier this year to reduce tariffs to 18 per cent. The US Trade Representative is also conducting a second Section 301 probe regarding structural overcapacity.
Regarding the US mid-term elections, Jaishankar said the Democratic victory would change many things in the bilateral relationship, though he noted there is bipartisan support for defence and security cooperation. Prime Minister Modi and President Donald Trump are scheduled to meet in the US next month.
