India, US likely to sign first phase of bilateral trade agreement by mid-July: Piyush Goyal

Visakhapatnam, June 5 (SocialNews.XYZ) Commerce Minister Piyush Goyal said on Friday that India and the US are likely to sign the first phase of the bilateral trade agreement by the middle of July.

"We had excellent discussions from June 2-4 this month. We had a full team of officials from different divisions of trade from the US in New Delhi. I also met them yesterday. We are fast-moving towards closing all the open ends. Sometime by the middle of next month or so, we should be in a position to execute a very vibrant first tranche of the bilateral trade agreement," the minister told journalists here.

"It will give preferential access to India over our competitors. I expect a higher level delegation by the end of this month," he said.

US President Donald Trump said on Thursday that India and the US would finalise a trade agreement. Speaking to reporters at the White House, Trump said: "For years, India took advantage of the United States... But we will get to a deal…I like your Prime Minister a lot. He is a good friend of mine, and we get along well. We have a good relationship."

Meanwhile, the Commerce Ministry said on Wednesday that India remains engaged with the US on the Section 301 proceedings announced by Washington and is also parallelly engaged with the US for the finalisation of a framework agreement on bilateral trade, as was announced on February 2 this year and in accordance with the joint statement released on February 7.

It said that the United States Trade Representative (USTR) has concluded investigations against 60 economies, including India, regarding measures these economies have taken to prevent the import of goods. As a result, the USTR has proposed imposing additional tariffs on imports from the 60 economies under Section 301 of the US Trade Act of 1974. Products covered under Section 232 tariffs and certain other products are excluded from these tariff proposals. A special mechanism has also been proposed for textile and apparel products that could allow a certain volume of imports from selected economies to enter the U.S. at lower tariff rates.

As per the report, the proposed tariffs are not yet final, and stakeholders can submit requests to participate in public hearings by June 22. Written comments can be submitted until July 6. Public hearings will be held on July 7. The USTR will consider the comments and testimony received before taking a final decision on the proposed measures, the statement said.

The February 7 India-US joint statement established the framework for a historic interim trade agreement to achieve mutually beneficial, reciprocal trade while committing both nations to broader Bilateral Trade Agreement (BTA) negotiations.

The US Ambassador to India, Sergio Gor, said recently that the US was looking forward to completing the details of a new bilateral trade agreement with India that will expand market access, reduce barriers, and create greater certainty for businesses on both sides.

Source: IANS