India will have interaction with new US Commerce Consultant Katherine Tai as soon as the Congress approves her nomination and search her views on the pending mini commerce deal, commerce minister Piyush Goyal mentioned on Tuesday. This may additional the commerce relationship between the 2 international locations, he mentioned.
“The US simply had a change in administration and we’re ready for the brand new USTR to be confirmed. As soon as the brand new USTR is in workplace we’ll begin a dialogue with them to have a look at how we are able to increase our enterprise and worldwide engagement, each by means of market entry, tariffs and different methods of increasing commerce relationship,” mentioned Goyal.
“We have now to attend for the brand new USTR to return in and we now have to listen to from the brand new administration about what’s on their thoughts (in regards to the pending commerce deal negotiated with the Donald Trump administration). We have now ideas about it. It is just after partaking with the brand new administration that we are able to touch upon that,” he mentioned.
Either side made their first high-level engagement on Monday when Prime Minister Narendra Modi spoke with US President Joe Biden on a number of points starting from rebuilding the worldwide financial system within the post-covid world and terrorism, to renewing the partnership on local weather change, nearer cooperation within the Indo-Pacific, and growing a stronger regional structure by means of the Quad grouping. Nonetheless, there was no point out of commerce engagements in readouts supplied.
The mini-trade deal was anticipated to cowl tariff concessions for US farm produce, particularly dairy merchandise, pricing of pharma merchandise comparable to stents and knee implants, and data, in addition to communication know-how merchandise. In return, Washington was anticipated to revive advantages accorded to Indian exporters beneath the Generalised System of Preferences. Either side had been additionally alleged to take away the tit-for-tat measures after the US raised metal and aluminium tariffs.
The Biden administration has signalled that free commerce agreements will not be its rapid precedence. In an interview with The New York Occasions in December, Biden had mentioned: “I’m not going to enter any new commerce settlement with anyone till we now have made main investments right here at house and in our staff.”