Breakthrough Possible: Major India-US Deal Likely Within 48 Hours, Dialogue Underway
New Delhi (The Uttam Hindu): An interim trade agreement between India and the US is likely to be finalised in the next 48 hours. Continuous talks are going on between the two countries in Washington. According to sources, India's trade representative will stay in Washington for a few more days to discuss pending issues related to the agreement. It is believed that efforts are being made to reach a conclusion before July 9, because after this there is a possibility of high tariffs being imposed by the US on products coming from India.
According to the report, the US is demanding greater market access to the Indian agriculture and dairy sectors. However, India has refused to make any concessions, terming these sectors a “red line” regarding rural livelihoods and food security.
According to the agency, India's trade representatives have made it clear that the country will not accept a reduction in import duty on products such as hybrid or genetically modified corn, soybean, rice and wheat. India's stand on this remains tough.
It is worth noting that on April 2, US President Donald Trump had announced reciprocal tariffs on products imported into the US on the occasion of 'Liberation Day'. He had warned of imposing a maximum duty of up to 26 percent on these. However, later the tariff was temporarily limited to 10 percent, keeping the possibility of negotiation open. Trump had also said that a trade deal could be reached with India that would provide tariff relief to both countries and give American companies an opportunity to compete in India's market of 1.4 billion consumers.