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India, US Fail To Strike Trade Deal Even As 5th Round of Negotiations End
@Source: deccanchronicle.com
New Delhi: India-US trade deal on reciprocal tariffs remained inconclusive even after concluding the fifth round of intense negotiations between the Indian and the US teams for the proposed bilateral trade agreement (BTA), with several concerns raised on the issues like agriculture and automobiles among others. Further rounds are expected in the coming weeks as both sides explore the possibility of an interim trade deal before the August 1 deadline, a top source said on Sunday. The Indian delegation, led by chief negotiator and special secretary in the department of commerce Rajesh Agrawal, steered the talks in Washington DC. “Both sides have sounded optimistic about the deal. Even US President Donald Trump signalled a potential breakthrough, saying that the US would gain ‘access’ to the Indian market as part of the agreement. We expect an interim deal by August 1 and final deal is expected by December this year in phase manner,” the source said.India is primarily seeking relief from the 26 per cent tariff imposed by the US in April as part of a broader announcement of tariff hikes on several countries. Meanwhile, the US is seeking duty concessions on industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agricultural goods, dairy items, apples, tree nuts, and genetically modified crops. “However, India is negotiating a complete deal, the conclusion of an interim agreement based on items agreed upon so far cannot be ruled out,” the source added.Despite repeated assurances from Trump that a deal is “close”, unresolved issues, particularly concerning agriculture and automobiles, are preventing a final agreement. Besides, there were several talks on special chemicals, organisms, materials, equipment, and technologies, which raise economic concerns relating to non-market economies, including China. Access to rare earth minerals was among the key issues also discussed,” the source added.Among all issues, there was a key point of contention on the US demand for broader agricultural access to Indian markets. Washington is seeking entry for genetically modified crops such as soya and corn, as well as more extensive access across other farming sectors. However, Indian farmer groups, led by the Indian Coordination Committee of Farmers Movements (ICCFM), have pushed back firmly. They argue that allowing genetically modified products would severely impact domestic agriculture and hurt the livelihoods of Indian farmers.
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