India, US may finalise trade deal in next few weeks: Report
New Delhi | Jagran Biz Desk: Trade deal between India and the US is likely to be finalised in the next few weeks as the two countries have agreed on cutting import duty on controversial items, including high-end bike such as Harley Davidson, and allow more goods to be shipped between the two economies, according to a Times of India report.
An assessment is taking place in terms of trade benefits and trade volumes between the two countries and an announcement is likely to take place within a few weeks. The details will be unveiled during the next meeting of Prime Minister Narendra and his US counterpart Donald Trump, the report said.
It further claimed that an understanding has been reached on high-end, patented and innovative heart stents and knee implants.
As the US is heading into the 2020 elections, there is a possibility that the announcement may be made by Commerce Minister Piyush Goyal and US trade representative Robert Lighthizer soon.
The trade tensions between the two countries erupted after Washington stripped India of Generalised System of Preferences (GSP) status, which reduced tax cuts by significant amounts on US imports.
In June, President Trump removed the preferential treatment saying India has not assured the US of providing 'equitable and reasonable access' to its market. The tensions escalated as New Delhi retaliated by imposing fresh tariffs on 28 US products including almonds, apples and walnuts.
Post negotiations, farm products such as mangoes and pomegranates may get easier access in the US while India will address concerns on alfalfa hay imports.
Recently, Prime Minister Narendra Modi was on a week-long tour to the US to address the Indian diaspora at the Howdy, Modi! event Houston and attend the UN General Assembly 2019 session. He also held bilateral talks with Trump on the sidelines of the UNGA meet where the two leaders aimed at strengthening trade ties between the two countries, besides discussing other issues like terrorism and climate change.
US Commerce Secretary Wilbur Ross who was in India, a few days ago, held talks with Indian leaders in an effort to solve trade disputes.
Last month India blocked a request from the US at World Trade Organisation for setting a panel to rule on India's decision to impose additional duties on US products, as per a report. The WTO ruled in favour of US against EU imports last week.
Posted By: James Kuanal