By Admin 
India-US Trade Deal: The trade deal between India and America was confirmed last Tuesday. US Trade Representative Ambassador Jameson Greer called it ‘exciting’. He said that major aspects of the deal have been agreed upon between the two countries. All remaining formalities are being completed. During an interview on CNBC Squawk Box, Greer said that this deal will increase the access of American exporters to the Indian markets and will also allow India to provide protection to some of its sensitive sectors.
Trade deal very exciting: Greer
“That’s it,” Greer said. The time has come. We have a deal. We will complete this on paper. This is a very exciting opportunity for both countries.” Describing this deal as a ‘big win’ for America, Greer said that in view of the increased trade deficit with India, America will maintain about 18 percent tariff on the import of Indian goods.
Greer said that India has promised to reduce tariffs on a large range of American exports. According to Greer, “India has also agreed to reduce tariffs on many of our agricultural products, manufactured goods, chemicals, medical equipment, etc. This will really open up market access for American exporters.
Will India impose zero tariff on America?
Greer said that India currently imposes tariffs on American industrial goods at the rate of about 13.5 percent. Under the deal, it will become zero for almost everything (about 98-99 percent of goods). “Tariffs will be zero on a wide range of products in the agriculture sector,” Greer said. These include dry fruits, alcohol, spirits, fruits, vegetables. Greer also said that of course, like every other country, India will keep some of its sectors protected, but they will continue their control, while we will also keep working on access.
Greer also said that India has agreed to significantly reduce non-tariff barriers that have long limited access to the Indian market for American companies. Greer says that we know that American products are safe and effective. There are effective regulations in America, so we have signed an agreement with them on a process to recognize some American standards.”
What is India’s stand?
He further said that although India will continue to follow its own regulatory and political processes, this agreement paves the way for greater acceptance of American standards. Like Greer, Trump has also claimed on social media Truth that India will reduce tariffs on American goods to zero. However, India has not said anything officially on this yet.
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