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US, India to reportedly finalise trade deal in Feb
29 Jan '20
2 min read
Pic: Shutter Stock
When United States Trade Representative (USTR) Robert Lighthizer reportedly visits New Delhi in the second week of February, both the countries are expected to finalise a mega trade deal, which is a precursor to a free trade agreement between the two nations and will be signed during President Donald Trump’s likely visit to India during February 24-25.
Lighthizer will meet Indian commerce and industry minister Piyush Goyal to finalise the terms of the deal during the visit, according to some Indian media reports.
Representatives from both sides reportedly met in Davos during the recent World Economic Forum to discuss the planned deal. A six-member US government team was in New Delhi recently and met Goyal and officials in other ministries to discuss the proposed pact.
The issue of medical devices, which was a key obstacle in the trade talks between the two countries, has been reportedly resolved.
India also wants restoration of benefits under the generalized system of preferences (GSP).
The two sides have been engaged in talks to iron out the differences which began in 2018, when the United States levied global additional tariffs of 25 per cent and 10 per cent on the import of steel and aluminium products respectively. India responded by levying retaliatory tariffs on 28 products originating or exported from the United States with effect from June 16, 2019, for which Washington dragged it to the World Trade Organisation.
Lighthizer will meet Indian commerce and industry minister Piyush Goyal to finalise the terms of the deal during the visit, according to some Indian media reports.
Representatives from both sides reportedly met in Davos during the recent World Economic Forum to discuss the planned deal. A six-member US government team was in New Delhi recently and met Goyal and officials in other ministries to discuss the proposed pact.
The issue of medical devices, which was a key obstacle in the trade talks between the two countries, has been reportedly resolved.
India also wants restoration of benefits under the generalized system of preferences (GSP).
The two sides have been engaged in talks to iron out the differences which began in 2018, when the United States levied global additional tariffs of 25 per cent and 10 per cent on the import of steel and aluminium products respectively. India responded by levying retaliatory tariffs on 28 products originating or exported from the United States with effect from June 16, 2019, for which Washington dragged it to the World Trade Organisation.
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