Priyanka Tiwari
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Suspense crime, Digital Desk : In a significant development for international commerce, India and the United States are on the verge of finalizing a proposal for a much-anticipated trade deal. This breakthrough comes during the official visit of US Trade Representative (USTR) Katherine Tai to India, signaling a mutual desire to resolve long-standing economic disagreements.
The agreement, often described as a "limited trade package" or a "mini-deal," is designed to address key trade irritants and pave the way for a more comprehensive Free Trade Agreement (FTA) in the future. The final proposal is expected to be announced soon, following high-level talks between Tai and India's Commerce and Industry Minister, Piyush Goyal.
At the heart of the negotiations is a classic give-and-take. The United States is pushing for greater market access for its agricultural products, including cherries, pork, and alfalfa hay, as well as for American-made medical devices. Washington is urging New Delhi to lower the steep import duties on these goods, making them more competitive in the Indian market.
In return, India is seeking the restoration of its trade benefits under the Generalized System of Preferences (GSP). The GSP program, which was suspended for India by the previous US administration, had allowed billions of dollars worth of Indian products to enter the United States duty-free. Reinstating these benefits is a top priority for New Delhi as it would provide a major boost to Indian exporters.
This agreement is seen as a crucial step in strengthening the economic partnership between the world's two largest democracies. By resolving these persistent issues, both nations aim to build trust and create a more stable and predictable trade environment, fostering deeper collaboration and unlocking new opportunities for businesses on both sides.
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