Source : INDIA TODAY NEWS
The United States has assured India that it will receive a comparative tariff advantage over competing economies under the proposed bilateral trade agreement, a senior government official told news agency ANI on Saturday, even as negotiations on the first tranche and the broader pact continue.
“The US has assured India of a comparative tariff advantage over its competitors in the trade deal. We will have to see how the tariff framework unfolds,” the official said.
However, the official cautioned that the extent of the advantage would depend on the final tariff structure. India is also awaiting the outcome of the second investigation initiated by the Office of the United States Trade Representative (USTR) against the country.
India aims to conclude the first tranche of the agreement by the end of the current financial year. Negotiations on the initial package and the broader Bilateral Trade Agreement (BTA) are progressing simultaneously, the official said.
Services-related issues will not feature in the first tranche and will instead be addressed in the second phase as part of the larger agreement.
The final agreement is expected to take the form of a legal text with annexures and include a dedicated chapter on customs and trade facilitation, the official added.
Earlier, another senior Commerce Ministry official told ANI that India and the US held discussions on customs and trade facilitation last week. A two-member US delegation visited India on November 2 and 3 for discussions on these issues.
The negotiations have been progressing in phases, with both countries seeking early gains through the first tranche while continuing discussions on more complex aspects of the broader agreement.
advertisement
INDIA-US TRADE DEAL NEARS FINISH LINE: JAISHANKAR
Meanwhile, External Affairs Minister S Jaishankar said on Saturday that India and the US had resolved most of the issues concerning the proposed trade deal and that the agreement could be concluded soon. He said negotiations were underway to address the remaining concerns.
Speaking at an interactive session at the HT Leadership Summit, Jaishankar described the negotiations as approaching the “finishing line”. He added that several of the remaining concerns were not on India’s side, with more changes having taken place on the American side.
“It’s certainly our hope, and in many ways anticipation, that we are at the last stretch. That’s not a secret,” he said when asked about the negotiations.
– Ends
SOURCE :- TIMES OF INDIA
