(File photo: IANS)
New Delhi, January 15 (IANS) The first tranche of the India-US trade deal, which is expected to result in lowering of the tariff hike imposed by the US administration on Indian exports, is close to being finalised, though no timeline can be committed, Commerce Secretary Rajesh Agrawal said on Thursday.
There was a virtual meeting between India's commerce minister Piyush Goyal and the US Trade Representative (USTR) Jamieson Greer in the last week of December and negotiating teams on both sides are in continuous talks to arrive at a consensus, Agrawal said.
The US has imposed a punitive tariff of 50 per cent on most Indian goods, which is among the highest in the world.
India hopes that exports to the US will remain in positive territory. Electronics shipments, which are currently tariff-free, have been a key driver so far, even as higher duties continue to impact other sectors, the Commerce Secretary explained.
Both sides remain engaged and committed to securing a deal, Agrawal said.
Meanwhile, the newly-appointed US Ambassador in New Delhi, Sergio Gor, said earlier this week that India and the US continue to be actively engaged in trade talks.
Gor said that President Trump conveyed “his best wishes to his friend Prime Minister Narendra Modi.”
“The friendship between Mr. Trump and Mr. Modi is real and the U.S. and India are bound not just by shared interests, but by a relationship anchored at the highest levels. Real friends can disagree, but always resolve their differences in the end,” Gor remarked.
He also stated that while trade is very important for India-US ties, the two countries will continue to work closely together on other very important areas, such as security, counter-terrorism, energy, technology, education, and health.
Gor also announced that India will be invited to join PaxSilica as a full member next month. He explained that PaxSilica is a new initiative that the United States launched just last month to build a secure, prosperous, and innovation-driven silicon supply chain from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI development, and logistics.
“Nations that joined last month include Japan, South Korea, the United Kingdom, and Israel. India’s inclusion would further strengthen the group,” he added.
