With US officials visiting India for the trade deal, New Delhi will push for full exemption from the 26% tariff on domestic goods announced by Trump earlier this year.
India’s pharma industry relies heavily on US market, with $8.07 bn worth of exports in FY 2023-2024. Pharmaceuticals are India’s third largest goods exported to US in dollar terms.
Biden administration’s focus on China and sticky issues relating to India’s reluctance to provide greater market access has meant the trade deal is off the table for now.
New Delhi is pinning its hopes on the new US administration to make Biden’s 2020 dream of making India and America the ‘two closest nations in the world’ come true.
In an article in Foreign Affairs, Robert Lighthizer says letting India join the multilateral trade regime has led to ‘negative repercussions’ for the US.
Addressing a virtual summit, S. Jaishankar and Mike Pompeo raise pitch on India-US growing public bonhomie, talk 5G tech, Galwan and urge end to trade tiff.
Piyush Goyal says India and the US will go for a preferential trade agreement first on 50-100 goods and services, followed by a larger free trade agreement.
Taranjit Sandhu, Indian ambassador to the US, says it’s a win-win proposition & ‘our leadership has given direction' to wrap up a smaller deal and then go in for a bigger FTA.
New CPI series will take 2024 as base year, will provide more accurate measure of inflation, spending on digital services. Expected to enhance representation and reliability, says Saurabh Garg.
The agreement, signed after meeting between Rajnath and US Secretary of War Pete Hegseth on sidelines of ADMM-Plus in Kuala Lumpur, aims to deepen bilateral ties in the critical sector.
This world is being restructured and redrawn by one man, and what’s his power? It’s not his formidable military. It’s trade. With China, it turned on him.
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