'Will have comparative advantage even under older tariffs', say India's trade deal negotiators in US
New Delhi [India], June 27 (ANI): India's trade delegation is currently in the United States for high-stakes negotiations aimed at finalising a bilateral trade agreement as both nations race against a July 9 deadline to secure an interim deal before temporary tariff protections expire.
The Indian delegation is being led by Chief Negotiator Rajesh Aggarwal, who is holding talks with officials from the Office of the United States Trade Representative (USTR).
The negotiations, initially scheduled for Thursday and Friday, may be extended based on the progress of discussions, according to officials familiar with the matter.
'Protecting India's interests will be supreme in India-US BTA talks,' an Indian official close to the negotiations said, underscoring the sensitivity and significance of the ongoing dialogue. The talks come at a crucial juncture, as the 90-day suspension of specific tariffs announced on April 2 is set to expire on July 9.
Several contentious issues have surfaced during the discussions. The US is pressing India to lower duties on American agricultural and dairy products and to provide market access for genetically modified (GM) crops.
However, India has firmly resisted these demands, citing domestic concerns over food safety, public health, and the protection of millions of farmers. Indian negotiators have also pushed back against offering broad-based access to the US agricultural and dairy sectors, which are considered politically and economically sensitive.
Despite these challenges, both sides remain committed to reaching an interim agreement before the deadline.
If the talks fail, tariff structures could revert to their levels of April 2. Indian officials noted that even under the older tariff regime, India would retain a comparative advantage over several competing manufacturing economies.
The negotiations received fresh momentum after US President Donald Trump recently expressed optimism about a potential trade deal with India. Speaking at a White House event on Thursday, Trump described the possible agreement as 'a great deal' and 'a very big one.'
'Everybody wants to make a deal and have a part of it. We have one coming up, maybe with India. Very big one,' Trump said, referencing recent trade pacts, including one with China.
Trump also emphasised his preference for reaching negotiated deals over imposing tariffs but made it clear that he would not hesitate to act unilaterally if necessary.
'Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That's the easy way to do it,' he said, referring to possible tariff rates.
As the July 9 deadline approaches, both India and the US are navigating a complex web of economic priorities, domestic sensitivities, and global trade pressures, with the outcome of these negotiations likely to shape the trajectory of bilateral trade for years to come. (ANI)
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