By Admin 
India US Trade Deal: There have been signs of major progress regarding the proposed bilateral trade deal between India and America. A joint statement on this agreement is expected to be issued by both the countries within the next four to five days. On Thursday, Union Commerce Minister Piyush Goyal informed that the first phase of India-US trade deal is almost ready.
According to Piyush Goyal, trade talks between New Delhi and Washington have gradually progressed and now this deal can prove to be an important step towards strengthening the economic relations between the two countries. However, the detailed details of which points will be included in the first phase have not been made public at present.
Signatures will be done virtually, formal seal will take time
The Commerce Minister said that the joint agreement between the two countries will be signed virtually. After this, it may take about 30 to 45 days to formally implement this agreement. However, India will start receiving some concessional letters before this, which will provide immediate relief to business.
Piyush Goyal said that India wants this agreement to be implemented as soon as possible, so that after that India starts getting more relaxation in tariffs and other trade terms. Referring to India-US trade, he said that the demand and orders for aircraft alone are estimated at around 70 to 80 billion dollars, due to which there can be a significant increase in India’s purchases from America.
Trade estimated at $2 trillion in 5 years
The Economic Times quoted a ministry official as saying that the total estimated purchases between India and America in the next five years could reach around $2 trillion. Out of this, according to the current trade structure, America is estimated to supply about 500 billion dollars to India.
Piyush Goyal also made it clear that as soon as the joint statement is signed, the reduction in tariff rates applicable to India will be immediately implemented through an executive order. Along with this, he indicated that in the coming time, relief can also be given in trade barriers.
Milestone in India-US relations
This proposed trade deal between India and America is being considered a milestone in the relations between the two countries. Both sides want to expand their respective markets and are trying to take mutual commercial cooperation to new heights. If this agreement is implemented on time, its impact can be seen not only on trade but also on investment, supply chain and employment.
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