US trade team may visit India next week for talks

NEW DELHI: American trade negotiators are expected to visit India next week for talks on the proposed India-US bilateral trade agreement (BTA), officials said, adding that the dates are being finalised. They had last visited India in September.

"The trade team is likely to visit next week. Dates are being finalised," said an official.

The visit is crucial as India and the US are working to finalise the first tranche of the BTA amid Washington imposing 50% tariffs on India, of which 25% are penalty for buying Russian energy, effective August 27.


So far, five rounds of trade talks have been completed for the BTA.

The upcoming visit is crucial as India is hopeful of reaching a framework trade deal with the US this year itself, which should address the tariff issue to the benefit of Indian exporters.

While noting that the BTA will take time, recently commerce secretary Rajesh Agrawal said that India is engaged in protracted negotiations with the US on a framework trade deal that will address the reciprocal tariff challenge faced by Indian exporters.

India and the US are having two parallel negotiations-one on a framework trade deal to address tariffs and another on a comprehensive trade deal.

"There is not much left to negotiate. There are very few issues on which political call needs to be taken," Agrawal, who is India's chief negotiator for the BTA, said last week.

The pact is aimed at more than doubling the bilateral trade to $500 billion by 2030 from the current $191 billion.