The Indian party has returned from Washington after negotiating the interim trade agreement with the US. Giving this information, an official said that the agreement is likely to be finalized before July 9, but some issues in agriculture and vehicle sectors still need to be resolved, so the discussion will continue.
The Indian party is being led by the chief negotiator Rajesh Aggarwal. He is a special secretary in the Department of Commerce. The official said the talks are in the final stages and its conclusion is expected to be announced before 9 July, which is the last day of the 90-day suspension of the US President Donald Trump’s counter-duty in the 90-day suspension.
25 percent fee in vehicle sector
The official said, ‘The Indian team is back from Washington, the talks will continue. There are some issues in agriculture and vehicle areas, which need to be resolved. India has raised the issue on 25 percent fee in the vehicle sector. It has taken up the matter in the Security Committee of the World Trade Organization (WTO).
India has also told the WTO that it has reserved the right to reply on selected American products in response to the US fee on steel and aluminum.
India’s talk with different countries
Union Minister Piyush Goyal said on the trade agreement with the US, ‘India discusses its terms, discussion with different countries, whether it is European Union, New Zealand, Oman, Oman, America, Chile or Peru. Agreement is going on with many countries of India. Free trade agreement is only when there is two -way profit and when the deal is done keeping India’s interests safe, keeping in mind that the national interest will always be the highest.
The Union Minister said that India is always ready to deal with developed countries. India never does any trade deal on a deadline basis. When the deal is good and in national interest, we accept it.
America increased 25 percent duty on imports
In a letter sent to the World Trade Organization, India said that on March 26, 2025, the US has adopted a measure in India or from there as a 25 percent duty increase on import of imported passenger vehicles and light trucks and some vehicles and some vehicles.
This fee on vehicle parts has come into force from May 3, 2025 for an unlimited period. Last year, the US imported vehicles worth $ 89 billion globally. It had a share of Mexico $ 36 billion, China’s $ 10.1 billion and India was only $ 2.2 billion.
After all, why is talks with America important?
The Indian team was in Washington to negotiate an interim trade agreement with the US from 26 June to 2 July. This dialogue is important because the suspension of Trump’s counter duty ends on 9 July. Both sides are considering finalizing the talks before that.
On April 2, the US imposed an additional 26 percent retaliation on Indian goods, but was suspended for 90 days. However, 10 percent of the original fee levied by the US is still applicable. India wants a complete discount from an additional 26 percent fee.
The purpose of the agreement bilateral trade
The two countries are expecting to complete the dialogue for the first phase of the proposed bilateral trade agreement (BTA) by September-October this year. The purpose of this agreement is to double bilateral trade from the current $ 191 billion to $ 500 billion by 2030.
Also read;- ‘Neither money, nor property changed, then …’, Sonia Gandhi’s lawyer on the National Herald case is questioned by ED