US officials will visit India for trade talks, talks can be made on Reciprocal Tariff:

News Topical, Digital Desk : A team of US officials will visit India in the coming weeks. It is believed that during this time the proposed interim trade agreement between the two countries will be discussed.

This visit of US officials is important because India and the US want to reach an interim trade agreement before July 9. The Indian government is demanding a complete exemption from the 26 percent reciprocal duty on goods made in the country.

India's chief negotiator and commerce ministry special secretary Rajesh Aggarwal is back in India after concluding his four-day visit to Washington last week where he held talks with his US counterpart on the proposed deal. Commerce and Industry Minister Piyush Goyal was also in Washington last week to speed up the trade talks.

America imposed 26 percent reciprocal duty on Indian goods

He met US Commerce Secretary Howard Lutnick twice during his visit. The US had imposed an additional 26 per cent reciprocal duty on Indian goods on April 2. However, it was later suspended till July 9. The 10 per cent basic duty imposed by the US on Indian goods is still in force.

Currently, the Trump administration would need approval from the US Congress to bring down tariffs below MFN (most favoured nation) rates. However, the administration has the power to remove reciprocal tariffs imposed on several countries, including India.

The two countries have set a deadline to complete the first phase of the proposed bilateral trade agreement by September-October this year. According to sources, the two sides are likely to agree on an interim trade deal before the first phase.