NEW DELHI: Government on Monday asserted that talks for the first tranche of a bilateral trade deal are making good progress and a framework deal is ready, which will be signed at “the right time””There was a very good discussion (with the US team). The framework deal is ready. It will be signed at the right time… both sides are on the same side and they do not see any challenge. Trade is growing well and we have increased our energy imports, which is also helping us diversify,” commerce secretary Rajesh Agrawal told reporters.“There is no negativity or any sort of differences between India and the US. Both sides know each other’s expectations, both sides know what is coming in the framework deal, and both sides know what is beyond the framework deal that is being negotiated between the two sides,” he added.
Will Be Signed At Right Time, Both Nations On Same Side, No Challenges Seen: Comm Secy
Dismissing a report on a lack of consensus during US Trade Representative Jamieson Greer’s visit to India, commerce and industry minister Piyush Goyal said: “Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries. Our teams remain fully engaged in achieving this objective.”US ambassador to India Sergio Gor too trashed the report: “Both sides had very constructive meetings and reaffirmed their commitment to finalising a trade deal.”Agrawal reiterated India’s demand for a comparative advantage in the trade deal. “Deals are about comparative advantage, trade deals are all about that.” In the past, Goyal has said that India wants to have a tariff advantage over rivals such as China, Asean nations and Bangladesh, which compete in segments such as textiles and footwear.The timing of the deal will depend on how quickly the US can announce the new tariff structure since the uniform 10% additional levy on all countries is due to expire by July 24. While the USTR has ordered two investigations under Section 301 on failure to check forced labour and structural overcapacity against several countries, including India, it is only on the first issue that it has proposed additional tariff of 12.5% on most countries with the findings being contested by govt and Indian industry.Agrawal said that it will take four to six weeks after the provisional findings of the second probe are made public that the final levy can be decided. He, however, indicated that the issue will be handled through the bilateral trade agreement with “possible pathways” part of the deal that is being negotiated.“But we are on a safe way, our understanding is safe, both sides are very clear what is there in the framework deal, what is being negotiated under BTA, and we are progressing there,” he said on the deal.
