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News Topical, Digital Desk : An interim trade agreement with the US is expected before July 8 and after that India can also sign an interim trade agreement with the European Union (EU) in July-August.
Talks are going on between the two countries in the US regarding tariffs on various sectors and India is trying its best to get zero tariffs on its employment sector. In April, the US had imposed a reciprocal tariff of 26 percent on India which has been deferred for 90 days.
10% duty is levied on Indian goods in America
This 90-day period is ending on July 8 and according to highly placed sources in the Commerce Ministry, both countries can make an interim arrangement on the trade agreement before July 8. Currently, a 10 percent duty is levied on Indian goods in the US.
India wants this 10 percent duty to become zero for employment-oriented sectors, which will greatly increase the competitiveness of Indian products in the US market.
However, in order to make the duty on Indian goods zero in the US market, India can also give relief in duty on many US goods. America wants to export agricultural products to the Indian market, but India will allow only non-genetically modified (GM) agricultural products to enter its market.
Sensitive products like dairy are also not expected to be included in the tariff agreement. Recently, talks on a free trade agreement between India and Britain have been successfully concluded and both countries are going to sign the free trade agreement in the next two-three months. Soon India can also sign a free trade agreement with Oman.
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