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Time of India
a day ago
- Business
- Time of India
India-US trade talks: GTRI warns against one-sided deal; says farmers, digital space must be protected
Representative image India must ensure that any trade agreement with the United States is balanced, not politically driven, and protects critical sectors like agriculture, digital infrastructure, and regulatory sovereignty, the Global Trade Research Initiative (GTRI) cautioned on Friday. With talks entering a crucial phase in Washington, the clock is ticking toward the July 9 deadline, the end of US President Donald Trump's 90-day suspension of country-specific tariffs, announced on April 2. 'The more likely outcome is a limited trade pact, styled after the US-UK mini trade deal announced on May 8,' said GTRI founder Ajay Srivastava as cited by PTI. 'Any trade deal with the US must not be politically driven or one-sided. It must protect our farmers, our digital ecosystem, and our sovereign regulatory space,' he emphasised. India's chief trade negotiator is currently in Washington, with both sides racing to finalise an interim agreement that would help avert steeper tariffs. According to news agency ANI , if no deal is reached, India risks facing baseline duties of 10% on exports, a less severe scenario than the original 26% tariff threat, though concerns over lack of reciprocity remain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Pelajari Undo As per GTRI, under the mini-deal framework, India may agree to reduce tariffs on a wide range of industrial goods, including automobiles, a long-pending demand from Washington. In agriculture, limited market access may be extended via tariff-rate quotas (TRQs) and duty reductions on items like ethanol, apples, walnuts, almonds, raisins, avocados, olive oil, spirits, and wine. However, GTRI and other trade experts argue that India must draw red lines. Key sectors such as rice, wheat, and dairy, which are vital to rural livelihoods and national food security, must remain insulated from external pressure. India fears any concession here could set a precedent, potentially undermining the minimum support price (MSP) system and the public procurement model in the future. Beyond tariffs, the US is likely to push for large-scale commercial orders, including purchases of oil, LNG, aircraft from Boeing, helicopters, and nuclear reactors. Washington may also seek greater foreign direct investment (FDI) access in multi-brand retail, benefiting players like Walmart and Amazon and demand liberalised rules on remanufactured goods. While US President Trump recently hinted at a 'very big' trade deal with India, he also said that not every country will get one and some may instead receive a tariff notification. 'We have one coming up, maybe with India. Very big one... We're going to open up India,' he said during a speech. Despite the urgency, GTRI warned that India should not rush into a deal that lacks transparency or undermines long-term policy autonomy. 'India must hold its ground and insist on a reciprocal, balanced, and transparent agreement,' the think tank said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
a day ago
- Business
- Business Standard
India must protect farmers, digital ecosystem in trade pact with US: GTRI
Any trade agreement with the US must not be politically driven or one-sided and India should protect its farmers, digital ecosystem, and policy space, economic think tank GTRI said on Friday. With India's chief trade negotiator in Washington DC and the clock ticking, the next few days could determine whether India and the US settle for a limited mini-deal or walk away from the negotiating table - at least for now, the Global Trade Research Initiative (GTRI) said. The two sides are looking at finalising an interim trade pact before July 9, as it marks the end of US President Donald Trump's 90-day suspension of the country-specific tariffs, originally announced on April 2. "The more likely outcome is a limited trade pact - styled after the US-UK mini trade deal announced on May 8," GTRI Founder Ajay Srivastava said, adding, "any trade deal with the US must not be politically driven or one-sided, it must protect our farmers, our digital ecosystem, and our sovereign regulatory space." Under a mini or interim deal, according to the think tank, India is expected to cut tariffs on a wide range of industrial goods, including automobiles, a persistent demand from Washington. In agriculture, India may offer limited market access through tariff reductions and tariff-rate quotas (TRQs) on select US products such as ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits, and wine, it added. Beyond tariffs, the US is expected to press India for large-scale commercial purchases, including oil and LNG, civilian and military aircraft from Boeing, helicopters, and nuclear reactors, it said. "There may also be pressure on India to ease FDI restrictions in multi-brand retail, potentially benefiting firms like Amazon and Walmart and to liberalise rules on remanufactured goods, currently subject to stringent import norms," Srivastava said. Agricultural goods account for less than 5 per cent of US exports to India. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
a day ago
- Business
- Time of India
India must protect its farmers, digital ecosystem, policy space in trade pact with US: GTRI
Any trade agreement with the US must not be politically driven or one-sided and India should protect its farmers, digital ecosystem, and policy space, economic think tank GTRI said on Friday. With India's chief trade negotiator in Washington DC and the clock ticking, the next few days could determine whether India and the US settle for a limited mini-deal or walk away from the negotiating table - at least for now, the Global Trade Research Initiative (GTRI) said. The two sides are looking at finalising an interim trade pact before July 9, as it marks the end of US President Donald Trump's 90-day suspension of the country-specific tariffs, originally announced on April 2. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cara Membantu Orang Terkasih Menghadapi Limfoma Limfoma Pelajari Undo "The more likely outcome is a limited trade pact - styled after the US-UK mini trade deal announced on May 8," GTRI Founder Ajay Srivastava said, adding, "any trade deal with the US must not be politically driven or one-sided, it must protect our farmers, our digital ecosystem, and our sovereign regulatory space." Under a mini or interim deal, according to the think tank, India is expected to cut tariffs on a wide range of industrial goods, including automobiles, a persistent demand from Washington. Live Events In agriculture, India may offer limited market access through tariff reductions and tariff-rate quotas (TRQs) on select US products such as ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits, and wine, it added. Beyond tariffs, the US is expected to press India for large-scale commercial purchases, including oil and LNG, civilian and military aircraft from Boeing, helicopters, and nuclear reactors, it said. "There may also be pressure on India to ease FDI restrictions in multi-brand retail, potentially benefiting firms like Amazon and Walmart and to liberalise rules on remanufactured goods, currently subject to stringent import norms," Srivastava said. Agricultural goods account for less than 5 per cent of US exports to India. PTI
Mint
a day ago
- Business
- Mint
India must protect its farmers, digital ecosystem, policy space in trade pact with US: GTRI
New Delhi, Jun 27 (PTI) Any trade agreement with the US must not be politically driven or one-sided and India should protect its farmers, digital ecosystem, and policy space, economic think tank GTRI said on Friday. With India's chief trade negotiator in Washington DC and the clock ticking, the next few days could determine whether India and the US settle for a limited mini-deal or walk away from the negotiating table - at least for now, the Global Trade Research Initiative (GTRI) said. The two sides are looking at finalising an interim trade pact before July 9, as it marks the end of US President Donald Trump's 90-day suspension of the country-specific tariffs, originally announced on April 2. "The more likely outcome is a limited trade pact - styled after the US-UK mini trade deal announced on May 8," GTRI Founder Ajay Srivastava said, adding, "any trade deal with the US must not be politically driven or one-sided, it must protect our farmers, our digital ecosystem, and our sovereign regulatory space." Under a mini or interim deal, according to the think tank, India is expected to cut tariffs on a wide range of industrial goods, including automobiles, a persistent demand from Washington. In agriculture, India may offer limited market access through tariff reductions and tariff-rate quotas (TRQs) on select US products such as ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits, and wine, it added. Beyond tariffs, the US is expected to press India for large-scale commercial purchases, including oil and LNG, civilian and military aircraft from Boeing, helicopters, and nuclear reactors, it said. "There may also be pressure on India to ease FDI restrictions in multi-brand retail, potentially benefiting firms like Amazon and Walmart and to liberalise rules on remanufactured goods, currently subject to stringent import norms," Srivastava said. Agricultural goods account for less than 5 per cent of US exports to India.
Time of India
4 days ago
- Business
- Time of India
Iran-Israel ceasefire to stabilise global trade, aid India's exports to Middle East: Experts
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The ceasefire between Iran and Israel has offered major relief to India, which has over USD 100 billion worth of trade with the Middle East countries and is heavily dependent on energy imports from the Gulf region, experts said that reduced geopolitical tension lowers the risk premium, stabilises freight costs, and enhances predictability in shipping routes for Indian goods via the Strait of Hormuz , a narrow but key passage between Iran and think tank Global Trade Research Initiative (GTRI) said that for India, with over USD 100 billion in the Middle East trade and heavy reliance on Gulf energy imports, the de-escalation offers relief."A sustained ceasefire would stabilise energy prices and safeguard vital shipping routes. But any flare-up would again threaten India's trade flows, energy security , and diaspora interests," GTRI Founder Ajay Srivastava added that oil prices fell more than 3 per cent, and volatility in the strait, through which a fifth of global oil passes, briefly he said, this ceasefire may prove temporary, as the underlying issues between the US, Israel, and Iran remain of Indian Export Organisations ( FIEO ) Director General Ajay Sahai said the ceasefire brings welcome relief to global trade and supply chains , particularly across the Middle East, a key conduit for energy and cargo movement."This development is particularly beneficial for Indian exporters of engineering goods, food products, textiles, and chemicals to West Asia, and for importers reliant on crude oil and petrochemicals," Sahai sustained peace and diplomatic follow-through remain essential to realise long-term gains for trade and investment flows, he added.
