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Scope of early conclusion of India-US trade deal brightens

Oct '19
Pic: Shutterstock
Pic: Shutterstock
The possibility of an early conclusion of the India-US trade deal have reportedly brightened with the two sides reducing differences and agreeing to allow more goods to be shipped by both sides , besides cutting import duty on contentious items. The deal may be announced over the next few weeks while benefits from duties and trade volumes are being assessed.

Although discussions were under way to announce the deal during the next meeting between Prime Minister Narendra Modi and President Donald Trump, the forthcoming election season in the United States may lead to the announcement being made by commerce and industry minister Piyush Goyal and US trade representative Robert Lighthizer, according to a report in a top Indian English-language daily.

A deal was reportedly arrived at on high-end, patented and innovative heart stents and knee implants, which had become a sore point with the United States after India brought them under the ambit of price control.

In future, medical devices that are brought under price control or whose trade margins are capped may not enjoy the benefits of carve-outs. In return, the United States is expected to provide preferential duty benefits for some Indian exports under the generalised system of preferences (GSP) programme, which had been withdrawn by the Trump administration earlier this year after the Indian government slapped retaliatory tariffs on several US goods, including apples, almonds and walnuts.

Some farm products from either side, such as Indian mangoes and pomegranates, may get easier access into the US while New Delhi will address American concerns over import of alfalfa hay.

Fibre2Fashion News Desk (DS)

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October 2019

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