US vows India lower tariffs than rivals

New Delhi: The US has promised India that its duties will be lighter than those paid by competing nations in the agreement Washington and New Delhi are working out. The opening phase of the pact will cover goods. Services will be addressed in a later round of negotiations, according to Bloomberg.

Although Washington and New Delhi agreed on a framework for the deal earlier this year, it has yet to be formalized, according to Bloomberg. Multiple US trade investigations have made the negotiations harder. Tensions have also risen over a new US measure under which President Donald Trump can levy duties of up to 100% against countries that buy large volumes of Russian oil. Those levies have been waived. Officials in New Delhi and Washington have lately voiced confidence that the agreement is nearly settled, according to Bloomberg.

Sergio Gor, the US ambassador to India, said last month that the bulk of the major sticking points had been settled. Minister Piyush Goyal said on Thursday that New Delhi had secured a “very good deal” and would end up with “one of the best deals with the US.” An Indian official said in comments to reporters that the two countries remain in negotiations to wrap up the first tranche soon. US officials travelled to India earlier this month, and the talks focused on customs matters and ways to facilitate trade. US Trade Representative Jamieson Greer said in early October that a trade agreement with India was not imminent, even as both delegations had identified the full range of outstanding issues.