Business News: On Tuesday, ensuing two years of negotiation, India and the U.S. are closing in on a trade deal, said Commerce Minister, Piyush Goyal.
The sources suggest that the negotiations include discussions to improve access for India’s generic drugs to the U.S. . While the U.S., in return has been seeking more access for its farm goods, on which India had raised tariffs last year.
It further includes a limited trade pact aimed at refurbishing zero tariffs on a range of Indian exports to the United States under its Generalised System of Preferences (GSP), from which the Trump administration withdrew last year, specifying lack of reciprocal access to Indian markets.
“In the long term, I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years, which we need to get out of the way quickly. We are almost there,” Piyush Goyal said at the U.S. – India Business Council’s India Ideas Summit.
“We believe we should also look at an early harvest in the form of a preferential trade agreement rather than waiting for the gains of a free trade agreement, which can take several years to conclude,” he added.