India 'tough nut to crack', says USTR Greer as negotiators wrap up trade talks round

India-US Trade: US Trade Representative Jamieson Greer described India as a "tough nut to crack" as trade talks concluded on a bilateral agreement. While India seeks to protect its agricultural markets, discussions are ongoing for mutual agreement...

ANI
Trade Minister Piyush Goyal meets the United States Trade Representative Jamieson Greer (file photo)
Washington: India is a "tough nut to crack", US Trade Representative Jamieson Greer said here as a delegation from New Delhi wrapped up negotiations on the bilateral trade agreement with Washington.

The 12-member delegation, led by Darpan Jain, Additional Secretary in the Department of Commerce, held talks on the fine print of the trade deal with the US team led by Brendan Lynch, Assistant USTR for South and Central Asia.

The three-day talks concluded on Wednesday.


Also Read: India, US continue to have 'positive, productive discussions' on trade deal

"India is a tough nut to crack... they've protected their agricultural markets for a very long time," Greer told the Committee on Ways and Means of the US Congress on Wednesday.

"As part of this deal, they want to protect a lot of that. There are things, though, where I think we can find mutual agreement. DDGs (distillers dried grains) is a good example of this," he said.

ADVERTISEMENT
Greer was responding to questions by lawmakers on exports of DDGs, which are used as high-protein livestock feed, soybean meal and ethanol.

The USTR said the US negotiators were discussing specific issues, such as DDGs, with their counterparts from India.

"Indian trade negotiators are in town this week. So we've been talking this week about these issues, including these specific commodities you talked about, DDGs," Greer said.

India and the US announced the framework of the bilateral trade agreement on February 2 and released the text of the deal on February 7.

ADVERTISEMENT
Also Read: India didn’t blink: Key strategy that swung the US trade deal

India is seeking preferential access to the US markets as part of the agreement, as the two countries eye the target of achieving bilateral trade of USD 500 billion by 2030.

According to that framework, the US had agreed to reduce tariffs on India to 18 per cent, from 50 per cent. It had removed the 25 per cent tariffs on Indian goods for buying Russian oil and was to cut the remaining 25 per cent to 18 per cent under the pact.
ADVERTISEMENT

But on February 20, the US Supreme Court ruled against Trump's reciprocal tariffs, which were imposed under the 1977 International Emergency Economic Powers Act (IEEPA).

In the wake of the Supreme Court order, India is seeking to recalibrate and redraft the agreement to ensure that its interests are protected under the new global tariff framework.
Download
The Economic Times Business News App
for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App
for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
READ MORE
ADVERTISEMENT

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

More from our Partners

Loading next story
Business News › News › Economy › Foreign Trade › India 'tough nut to crack', says USTR Greer as negotiators wrap up trade talks round
Text Size:AAA
Success
This article has been saved

*

+