New Delhi, June 2 (IANS) India and the US are scheduled to hold fresh trade negotiations from Tuesday and both sides are aiming to finalise the first phase of a long-awaited Bilateral Trade Agreement (BTA) that could significantly reshape trade ties between the two countries.
The talks that are scheduled between June 2 and June 4 are expected to focus on finalising the legal text and ironing out remaining issues in the proposed interim agreement, whose broader framework has already been agreed upon.
Union Minister of Commerce and Industry Piyush Goyal on Monday stated that around 99 per cent of the negotiations have already been completed, with only a few issues still being resolved.
"We will very soon announce the signing of the first BTA with the US and continue our conversations on the second phase," Goyal said.
However, the negotiations are expected to focus on the first phase of the broader BTA framework, covering key areas such as market access, non-tariff barriers, customs facilitation, investment promotion and economic security cooperation.
According to government sources, the discussions are also expected to include tariffs imposed under Section 301 of US trade law, with India seeking relief from ongoing investigations and trade-related concerns emerging as an important agenda item.
A trade agreement could provide Indian exporters preferential access to the US market compared to competing economies.
The US delegation will be led by chief negotiator Brendan Lynch, while India’s team will be headed by Darpan Jain, Additional Secretary in the Department of Commerce.
Officials indicated that although most discussions have already concluded, both sides are now working to resolve technical issues before moving towards formal announcement of the first phase.
Notably, the US Supreme Court had earlier ruled against President Donald Trump’s reciprocal tariff regime that was implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.
Following the ruling, the US administration introduced a uniform 10 per cent tariff on imports from all countries for 150 days beginning February 24, delaying an earlier planned meeting between chief negotiators.
(IANS)
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.