India 'Confident' It's Nearing Trade Agreement With the US
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Indian Commerce Minister Piyush Goyal said he was optimistic that his country could reach an agreement with the U.S. ahead of an Aug. 1 deadline to avert threatened tariffs of 26%.
“I’m always confident,” Goyal said in an interview July 24 with Bloomberg TV in London, when asked how he was feeling about prospects for a pact.
“I’ve had some wonderful engagement with my friend and colleague from the U.S.,” he said, calling U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer “very dear friends.”
Goyal insisted there weren’t any sticking points in the U.S.-India relationship or in current trade talks, and clarified that immigration rules — including around H-1B visas for skilled workers — had not come up in this year’s talks.
Still, the two countries have been locked in negotiations for an interim trade agreement for months already, having made a commitment to reach a bilateral deal by the fall of this year.
Both sides havesignaledan agreement is close. New Delhi has recentlytoughened its stancein negotiations, while President Donald Trump hasthreatenedto hit countries like India and China with secondary sanctions for buying oil from Russia.
Negotiators remain stuck on a few key issues, including U.S. demands for greater access to India’s agricultural and dairy sectors. India has been pushing for exemptions from Trump’s sectoral tariffs, mainly for pharmaceuticals and automobile components.
RELATED:US, India Nearing Interim Tariff Deal Below 20%
Goyal was in the U.K. with Prime Minister Narendra Modi on Thursday to sign afree trade agreementwith that country that eliminates tariffs on a range of products including cars and alcohol, a major milestone for the Asian nation.
“We have very robust negotiations going on with several countries,” including with the U.S., EU, New Zealand, Peru, and Chile, Goyal said July 24.
India is one of the largest economies locked in negotiations ahead of a U.S.-imposed Aug. 1 deadline, when Trump’s latest threatened tariffs are set to take effect. This week, the White House has announced agreements with the Philippines and Japan, and more details on an agreement previously announced with Indonesia.
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