India-US bilateral trade deal: Agreement details to be released soon

NEW DELHI: The Union government has said it will soon release details of the India-U.S. bilateral trade agreement. Union Commerce Minister Piyush Goyal stated that as the first step, a joint statement will be issued within the next four or five days. He added that the agreement is expected to be officially signed by mid-March.

U.S. President Donald Trump had recently announced that an agreement had been reached with India. He also said that taxes on Indian products in the U.S. would be reduced to 18 percent. However, India has not responded to Trump’s claim that American products would face zero tax in India. The detailed terms of the agreement have not yet been made public.

Once the joint statement is released, the U.S. President can reduce tariffs from 50 percent to 18 percent through an executive order. India, however, can offer tax concessions only after the agreement is formally signed. Commerce Minister Piyush Goyal and Commerce Secretary Rajesh Agarwal said that the first phase of the agreement is ready.

As part of the deal, there are plans to import goods worth 50,000 crore dollars into India. These include energy products, data-related services, information and communication technology (ICT) products, aircraft and spare parts. Aircraft manufacturer Boeing is expected to receive orders worth around 7,000 crore dollars.

India’s stand on Russian oil still unclear
India has not clearly stated whether it will stop purchasing Russian oil. When asked about President Trump’s statement that India would buy oil from Venezuela, the Ministry of External Affairs said India has long-standing relations with that country. Ensuring energy security for 140 crore Indians remains the top priority, the ministry said. Foreign Ministry spokesperson Randhir Jaiswal added that decisions will be taken based on national interest.

Major countries keen on trade ties: Modi
Prime Minister Narendra Modi said the world now trusts India and that major countries are eager to strengthen trade relations with it. Referring to trade agreements with the European Union and the United States, Modi said India is becoming a key global trade partner. He was replying to the discussion on the President’s policy address in the Rajya Sabha.

Meanwhile, Russian spokesperson Dmitry Peskov said India buys oil from many countries and has the freedom to do so. He added that Russia does not see anything new in the current situation.