Conclusion of US-India Trade Talks to be Phase 1 of Bilateral Trade Deal: Ambassador Sandhu

Such an agreement would reflect the full potential of bilateral and commercial relations, increasing bilateral investments and job creation in both the countries, he emphasised. India and the US are negotiating a limited trade deal with a view to iron out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic items under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over high trade deficit with India.