New Delhi: India is seeking a competitive advantage over rival nations before rolling out a much-delayed trade agreement with the US, after both countries agreed on the initial framework.
The South Asian nation is unlikely to implement the agreement until it secures a competitive edge on tariffs, local news agency ANI reported late Saturday, citing comments from Piyush Goyal, the nation’s commerce and industry minister. The comments underscore the depth of unresolved issues between the two trading partners, even as their leaders express optimism about overcoming the hurdles.
“The issue currently pending is that our duties need to be lower compared to those of competing nations,” Goyal said at a press briefing, according to the ANI report. “Once this is settled, the trade agreement will be implemented.” He added that the framework for the pact was finalized before the US Supreme Court ruled in February that Trump’s previous tariff policy was unlawful.
Earlier this month, Indian Prime Minister Narendra Modi met with US President Donald Trump for their first in-person talks in more than a year. Both leaders struck an upbeat tone as they sought to turn the page on recent strains stemming from trade and other disputes.
The two leaders highlighted their personal rapport and touted progress in negotiations during their meeting on the sidelines of the Group of Seven summit in France. Trump said the US and India were “very close” to finalizing a trade agreement.
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While US and Indian officials have repeatedly signaled that a deal was within reach, negotiations have dragged on amid disputes over tariffs, market access and protections for politically sensitive sectors.
This report is auto generated from the Bloomberg news service. ThePrint holds no responsibility for its content.