Ahead of Trump visit: India and US set to finalise $10-billion trade deal in February
NEW DELHI: India and the US are likely to finalise a mega trade deal pegged above $10 billion (more than Rs 71,000 crore) next month when United States Trade Representative (USTR) Robert Lighthizer visits New Delhi.
The deal, whose legal vetting is underway, will be signed during US President Donald Trump’s visit to India, and is a precursor to a free trade agreement between the two nations, officials in the know of the plans said.
Lighthizer and commerce and industry minister Piyush Goyal are likely to meet in the second week of February to finalise the terms of the deal. Trump is expected to be in India during February 24-25, his first visit here as head of state.
Goyal had met Lighthizer in the US last year.
‘Medical Devices Issue Resolved’
“It is a fairly large deal,” said an official aware of the details. The issue of medical devices, which was a key obstacle in the trade talks between the two countries, is resolved, the official added.
India and the US have been entangled in a series of trade spats across various sectors. The deal could touch upon Washington’s demand of doing away with duty on American information and communication technology goods along with market access for its dairy products and duty cuts on Harley-Davidson motorcycles. The US is also keen to sell more almonds to India. New Delhi, on the other hand, had sought market access to its fruits including grapes.
“We expect the full deal to be signed this time and the longer-term idea is an FTA,” the official added.
India also wants restoration of benefits under the Generalized System of Preferences (GSP).
Under the GSP, certain products can enter the American market duty-free if the beneficiary developing country meets the eligibility criteria established by US Congress. The benefits to India were withdrawn from June 5, 2019, after the US dairy and medical devices industries alleged that Indian trade barriers affected their exports.
In 2018, India exported goods worth $6.3 billion (as per USTR figures) to the US under the GSP, accounting for around 12.1% of India’s total export to the US.
The two sides have been engaged in talks to iron out the differences which began in 2018, when the US levied global additional tariffs of 25% and 10% on the import of steel and aluminium products, respectively. India responded by levying retaliatory tariffs on 28 products originating or exported from the US with effect from June 16, 2019, for which Washington dragged it to the World Trade Organization.
India’s exports to the US in the April-November period of fiscal 2020 totalled $35.6 billion, compared with imports of $25.1 billion. In the whole of fiscal 2018-19, exports were $52.4 billion and imports, $35.5 billion.
译文来源：三泰虎 http://www.santaihu.com/49266.html 译者：Joyceliu
More tax cuts are not the answer. People will not spend in such times. It will worsen the situation by making fiscal deficit even worse.
Very Nice. We need millions of smart Indians in USA. Time to let everyone trade freely both ways. Cheers
LETS DO FREE UNLIMITED TRAVEL AND TRADE BOTH WAYS. EVERY DESI IS WELCOME IN AMERICA. CHEERS
Finally Hopefully our India Foreign Policy is in the right direction.
US demand is fair and information technology goods and almonds will reduce our dependence on China. The FTA signed by Mr. Anand Sharma of Congress during UPA rule was biased and detrimental to the interest of India and that needs to be reviewed
Great news. India should sign the fighter plane production deal also to procure planes for the IAF with technology transfer
A deal that will favor USA not india and our BJp govt will agree to it and bhaqt wil says wah wah wah
B D Kulkarni
Surprised, what US of A can offer to India (except arms) ??? Both leaders are loud mouth (feku) and can talk on any subject with out the real knowledge.Both the countries are known for there dependency on China (remember even Patel statue was from China ) for most of the items and still blame china. Both the fools have rejected the climate change request from the world. And more importantly Trump is facing case for lying to the country and our will face the same once he is out of business next year. US of A has forced India not to buy oil from Gulf which India obliged even when the gulf gifted many awards to keep the oil flowing....
birds of a feather flock together !
Global Markets are pulling India Market as well
Whether onion price will become normal or not ?
giving market access to their dairy industry will be suicidal!
EVERONE IS WELCOME TO COME TO USA. IMAGINE 300 MILLION DESIS IN AMERICA. CHEERS
wait and watch
We need 100 million Desis in USA. Cheers
Wrong. It should be other way round.
The last time Modi hugged Trump (during Howdy Modi pilgrimage to the US), Trump's impeachment got official ribbon-ceremony in the House of Representatives. Now, Trump is coming to Modi to get hugged and his impeachment trial in Senate is going to result.
Better get Asian Medical Devices, much cheaper and better. We need free access to USA for all Indian products and people. Cheers
Coming with a jumbo deal? When does Trump give anything to anyone? Besides, how long will he be in office? Even he doesn't know.
A deal, not CHARITY! India does not need any charity/favours from any one. India today DEALS on EQUAL terms!
It is Frustrated people like you who are so used to living on ALMS or HANDOUTS, which you will never get Under Modi rule! For once learn to live a life of dignity.
Govt should discuss the harassment done to our pharmaceutical industry by FDA due to lobbying and manipulations of Pharma majors of USA.FDA should stop its endless nit pricking and harassing of Indian pharma industry.
Yes, very valid point!
1st recover $350 million illegally collected for VISA charges
Yes. Should be top priority.
Trump is a business man politician. going for II term... may be he is more intersted to boost his personal business interests. don't get overwhelmed by his visits.
Modi Trump friendship will reach the peak before US election.
And we will be paying for it !!
Right, no doubt we will be paying for it.
Thanks for the agreement.
Don't worry he has come to extract his pound of flesh before his big election battle. Trump will ensure that he makes $20 Billion out of this deal & Modi is already slobbering away.