A high ranking official in the Ministry of Trade said Reuters that India is creating a company from its perspective to protect national interests during the ongoing trade talks with the United States. The official emphasized that for India, “in all businesses, including the United States, national interest is the highest.”
These comments come when the two countries speed up their efforts to complete a limited trade agreement before the July 9 time limit, determined by former US President Donald Trump to implement the new tariff.
According to sources, the United States India pushes to open its markets to many agricultural products, including corn, dairy and wheat and sliding to reduce the existing tariffs on almonds, pistachios and nuts. However, Indian officials have clearly indicated that such decisions will only be made when they match the country’s domestic priorities and long term interests.
India’s opposition to this front emphasizes its intention to protect farmers and agricultural economy from foreign competition, even this trade is engaged in diplomacy.
In a significant development, an official of the Ministry of Trade confirmed that an Indian delegation was soon ready to visit Washington for further interaction. The purpose of the journey is to stroke the nuances of a temporary trade agreement that can serve as the first step towards the wider treaty later in the year.
The official said, “The travel dates are completed. India is eager to terminate a limited agreement before the July deadline. The proposals from both sides progress,” said the official.
While the United States has set several demands on India’s trade, India has also set its priorities. In the midst of the largest inquiries, a return of 10 percent base steel tariff is imposed by the United States and a return of broad customs cuts on Indian export a return. In turn, India is ready to discuss non-tariff barriers and improvement in customs processes as part of the agreement.
Officials said such measures can pave the way for a more comprehensive bilateral trade agreement (BTA) later in the year, it will probably be completed in the fall of 2025.
It is worth noting that earlier this year, Prime Minister Narendra Modi and Donald Trump agreed to double the bilateral trade between India and the United States by $ 500 billion by 2030. Getting to a temporary agreement has now been seen as a step towards the ambitious goal.
The official said to the reporters, “the result of the dialogue depends on what is offered by both sides.”
As the conversation continues, both governments are expected to announce an update after the Indian delegation’s visit to Washington in the coming days.
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