India and the US: A Trade Deal at an Advanced Stage
A much-anticipated trade deal between India and the US is at “a very advanced stage,” according to India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, in an interview with CNBC. This development comes as India and the EU announced a landmark trade deal, which is expected to have significant implications for global trade dynamics.
The Indian minister expressed optimism about the ongoing trade negotiations with the US, stating that he is “told by the people who are in it [the negotiations] that it’s at a very advanced stage, and I’m hoping that, sooner rather than later, it will also see the light of day.”
India’s Trade Relationship with the US and EU
Describing the relationship between India and the US as “very strong,” Singh Puri emphasized India’s support for a multilateral trading system. This stance is evident in the free trade agreement deal with the European Union, announced earlier. The minister believes that this open-to-trade stance would be beneficial to Washington as trade talks continue, highlighting the potential for mutual benefits in trade agreements.
However, there could be some apprehension in New Delhi regarding how US President Donald Trump might react to the country’s new trade deal with the EU. The US has maintained punitive tariffs on imports from both the EU and India, with the EU facing a 15% duty and India a more significant 50% levy, partly due to its ongoing oil purchases from Russia.
Reactions and Implications
Treasury Secretary Scott Bessent has already criticized the EU for forging ahead with a trade agreement with India, citing the US’s larger sacrifices, including imposing 25% tariffs on India for buying Russian oil. Despite this, the EU-India deal was announced, with both sides set to gradually cut tariffs on the majority of each other’s imports.
As the trade landscape continues to evolve, it’s essential to consider the implications of these agreements on global trade and economic relationships. For more information on the US-India trade deal and its progress, visit Here
Smart Tip for Readers
To stay informed about the latest developments in international trade agreements and their potential impacts on global economies, regularly follow reputable news sources and official announcements from trade ministries and international organizations.
