India, US Review Next Steps on Bilateral Trade Agreement at WTO Meet
Piyush Goyal Meets US Trade Representative Jamieson Greer in Cameroon
New Delhi, March 27: Commerce and Industry Minister Piyush Goyal held discussions with US Trade Representative Jamieson Greer on Friday to review the next steps in the ongoing India US bilateral trade agreement negotiations.The meeting took place on the sidelines of the 14th Ministerial Conference of the World Trade Organization in Yaounde, Cameroon. The four day WTO conference began on March 26.
Focus on BTA Negotiations and WTO Agenda
During the interaction, both sides exchanged views on key issues related to the WTO Ministerial Conference and deliberated on advancing the bilateral trade agreement talks.Goyal, in a social media post, described the discussion as productive, stating that both countries explored ways to deepen economic cooperation and strengthen bilateral trade ties while reviewing progress on the BTA framework.
Trade Deal Framework Yet to Be Signed
India and the United States had announced last month that they finalized a framework for the first phase of the bilateral trade agreement. However, the agreement is yet to be formally signed.Earlier, both nations had announced a trade deal on February 2, followed by the release of a joint statement on February 7 outlining the proposed framework.
Tariff Changes Impact Progress on Agreement
As part of the framework, the United States had agreed to reduce tariffs on Indian goods to 18 percent. However, recent developments in the US tariff structure have affected the pace of negotiations.Following a Supreme Court ruling against sweeping tariffs imposed earlier, the US administration introduced a revised tariff regime, imposing 10 percent tariffs on all countries for a period of 150 days starting February 24.
Key Negotiations Delayed Amid Policy Shift
In light of these changes, a planned meeting between the chief negotiators of India and the US was postponed. The meeting was originally scheduled for last month to finalize the legal text of the agreement, which was expected to be signed soon.An official had earlier indicated that the interim trade agreement would be signed only after clarity emerges on the new global tariff framework of the United States.
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