US team will come to India on August 25 for trade-deals: Sixth round will be discussed between the two countries, expected to complete the first phase by October

The US official trade deal will come to India on 25 August. The sixth round will be discussed about the Bilateral Trade Agreement (BTA) between the two countries here.

This news has come at a time when the two countries are trying to finalize the interim trade deal before the August 1 deadline. The last date of the suspension pyre of tariffs imposed by the US administration is also 1 August.

First phase expected to be completed by October

The two countries are working towards completing the first phase of trade agencies by September-October. Along with this, the possibility of an interim trade agreement is also being searched.

The last round took place in Washington

The previous round of talks regarding the trade deal took place in Washington. Where India’s Chief Negotiator Rajesh Aggarwal and US Trade Representative Brendon Lynch discussed.

India’s tough stand on agriculture and dairy

India has clearly refused to give fees exemption on agriculture and dairy products, which the US is constantly demanding. Indian farmer organizations have also urged the government not to include issues related to agriculture in the trade agreement.

India’s priority is to remove 26% additional tariffs and provide relief in tariffs on steel, aluminum and automobile sectors. These issues are at the center of discussion. Apart from this, these are being discussed with counter -charges under the World Trade Organization (WTO) rules.

Apart from this, India is also demanding a fee concession from the US on many labor intensive sectors i.e. labor-dominated areas such as fabric, apel, james and jewelery, leather, plastic, chemicals, shrimp, oilseeds, grapes and bananas.

America demands in trade deal

The US wants a discount on fee on industrial goods, electric vehicles, wine and petrochemical products. In addition, he is also expecting a fee concession on agriculture, dairy, apple, nuts and genetically modified crops. But it is difficult for India to consider this US demand.

On April 2, the US imposed a 26% recipe tariff on India

On April 2, the United States imposed a reciperook tariff of up to 26% on the Indian import, which was suspended for 90 days. However, a base tariff of 10% is still applicable. India wants exemption from additional 26% tariffs.

Trade growing rapidly between India and America

Trade between India and America is growing rapidly. India’s Goods Export to America has increased by 22.8% to $ 25.51 billion in the April-June quarter, reflecting strong trading relations between the two countries. This dialogue is necessary for both countries, as it will not only strengthen business relations, but will also improve their position in global trade.

The target of India and the US is to make this interim trade agreement the first step towards a bilateral trade agreement (BTA). The two countries keep targets to double the bilateral trade by 2030 to reach $ 500 billion.