India-US Trade Deal Set to Boost GDP Amidst Ongoing Negotiations

The USIBC expressed the necessity for India and the US to expedite a bilateral trade deal, citing the removal of non-tariff barriers as essential. This trade agreement is expected to substantially benefit both economies. However, concerns about potential concessions that India may be asked to make have been raised, as they could compromise longstanding trade agreements.

Discussions between Indian Commerce Minister Piyush Goyal and US counterpart Howard Lutnick have commenced as they seek to finalize an early bilateral trade deal. The US-India Business Council (USIBC) emphasized on Tuesday that non-tariff barriers and bureaucratic obstacles must be promptly eliminated, as they hinder market access. USIBC President Atul Keshap remarked that a comprehensive trade facilitation agreement is long overdue and could significantly enhance the GDP of both nations while ensuring full market access.

The anticipated trade deal between India and the United States represents a critical advancement in economic relations. However, caution is advised regarding concessions sought by the US, which may challenge India’s long-standing policies. Overall, as negotiations progress, both countries stand to mutually benefit from a formalized trade framework that fosters investment and job creation.

Original Source: www.business-standard.com