By Admin 
India-US Trade Deal: The trade deal between India and America is nearing finalization. Commerce Secretary Rajesh Aggarwal said on Thursday that the first tranche of the proposed trade deal between India and America has almost been agreed upon and it can be finalized soon. This has come a few days after the statement of Sergio Gore, the new US Ambassador and close to Donald Trump, in which he had said that no other country is as important as New Delhi for his country. However, no timeline has been decided as to when the deal will be signed.
Why is trade deal between America and India important?
This trade deal is very important for India because America is India’s largest trading partner in terms of goods and services. After the deal is sealed between India and America, India’s export market for America will become even stronger. If access to Indian goods and services increases at affordable rates in the American markets, Indian exporters will benefit from it.
Many benefits of trade deal
Due to the trade deal, if there is no tariff on import of goods or it is imposed at a nominal rate, then it has many benefits because there are many world class companies in India, for which if the American market opens, they can do very well. The BTA with the US will send a positive signal to the American trade and investment community that India is welcoming and open for business. This is very important for India to attract foreign investment in the manufacturing sector and to promote itself as a supply chain hub as an alternative to China, which is one of India’s strategic priorities.
There is talk of business worth billions of dollars
There are 30 such sectors of India from where goods are sent to America. Of these, six are agricultural based products and the remaining 24 are industry based products. For example, products related to jewellery, clothes, telecom and electronics goods, chemicals, automobiles are sent from India to America. Clothes worth $4.39 billion are sent to America from India, gold, silver and diamonds worth $11.88 billion are exported. Not only this, India also sells mobile, telecom and electronics devices worth $14.39 billion to America. In such a situation, this trade deal is also important because now it is not limited to just expanding the scope of business, but is also linked to exports as well as employment, investment and strategic partnerships.
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