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A very big, positive and encouraging news is coming out for India at this time from global trade, diplomatic relations and economic market. Negotiations regarding the proposed Bilateral Trade Agreement between the world’s two largest democratic economies, i.e. India and the United States, have now reached their final and decisive phase. India has received a huge strategic assurance from the US, under which Washington has assured that under the upcoming trade deal, the US will provide special and better benefits in tariffs imposed on Indian products and goods compared to other competing economies. After this historic agreement, there is every hope that Indian exports will get a new dimension in the global market. Let us know in detail what is the latest update of this important trade deal going on between India and America and what big benefits it is going to bring to the Indian economy.
America gave big assurance: Tariff on Indian goods will reduce compared to competing countries
According to official information received by leading news agency PTI, a senior and responsible government official of the Central Government has revealed that within the scope of the proposed bilateral trade agreement, the US has made an excellent coordination with India and has assured to give clear advantage in Customs Duty compared to other competing countries and economies.
Speaking to the media, the official said, “The US has assured us in the ongoing trade talks with us that once the bilateral agreement is implemented, India will get better benefits in import duty compared to its global competitors. Now it mainly has to be seen how the final structure of tariff is prepared under this entire agreement.” After this assurance, there is an atmosphere of great enthusiasm among Indian exporters and domestic industries, because this will increase the competitiveness of Indian products in the American market manifold.
Target to complete the first phase of the trade agreement by the end of the current financial year
Negotiations regarding this comprehensive and much-awaited trade agreement between India and America are progressing at a very fast pace. Strategists and business delegations of both the countries are busy implementing this deal in a phased manner. According to government sources, the Government of India is aiming to completely complete the ‘First Phase’ of this bilateral trade agreement by the end of the current financial year.
Interestingly, negotiations for the first phase of the agreement as well as a comprehensive bilateral trade agreement (BTA) are going on simultaneously. Officials have clarified that since this is a very large and complex agreement, it is being finalized by dividing it into phases so that the economic interests of both the countries are completely balanced.
Services will not be included in the initial package, will become part of comprehensive BTA in the second phase
According to the latest details that have emerged regarding the outline of the trade agreement, services-related issues and priorities will not be included in the initial package for now. Officials have informed that all the important issues related to the services sector will be discussed in detail during the ‘second phase’ of the agreement, which will be an integral part of the Comprehensive Bilateral Trade Agreement (Comprehensive BTA).
Furthermore, the final and legal form of this Agreement will be prepared as a strong legal document, to which certain appendices will also be added by mutual consent. A completely separate and dedicated chapter will also be included in this entire legal document for Customs Procedures and Trade Facilitation, so that trade barriers between the two countries can be completely eliminated in the future.
Recently the American team came to India, there was an in-depth discussion on customs duties and ease of trade.
According to news agency ANI, marathon meetings have recently taken place between officials of both the countries to further strengthen this trade agreement. Another senior official of the Commerce Ministry had shared the information that only last week there were very positive discussions between India and America on various aspects of customs and trade facilitation.
Recently (on 2-3 November) a two-member high-level special team from the US had visited India to take forward face-to-face talks and formal talks on this important issue. This mutual commitment of both the countries is the biggest proof that they are absolutely serious about taking their trade relations to new heights amid global economic uncertainties. After the signing of this trade deal, India’s position in manufacturing, agriculture, technology and other sectors will become stronger on the global stage.