India hardens stance on farm sector concessions as India-US trade talks stretch
India-US trade deal (Representative AI image)
NEW DELHI: As India-US trade talks stretch into a new week with both sides chasing the July 9 deadline, government has hardened its stance on offering concessions in the farm sector.
'The Indian team may stay longer as crucial talks are continuing, but we don't just want to open up whatever is the demand (from the US) on agriculture as lives of millions of farmers are involved,' said a government source.
Last week, India's chief negotiator Rajesh Agarwal and other officials had gone to the US on a two-day visit, but the talks have stretched as the US is also keen to conclude some deals before the pause on reciprocal tariffs – 26% in India's case -- ends in.
In fact, on Thursday, US president Donald Trump had announced that a 'very big deal' with India is likely – the seventh time that he had announced an agreement.
The Indian industry is also being prepared for dealing with reciprocal tariffs, in case the early tranche of the proposed bilateral trade deal does not work out.
For India, a key concern is allowing lower duty import on agricultural products like maize, soybean and dairy products, which is being demanded by the US side.
by Taboola
by Taboola
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Privately, several industry representatives have met commerce department brass and suggested that India should agree to the demands from the Trump administration, but government is keen to ensure that it is not a one-sided deal.
Officials also conveyed to exporters on Monday that the limited deal, if it works out, will cover only a limited set of products with more tranches likely in the coming months.
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