Stories
India-US Trade Talks Hit "Plateau," Further Concessions "Very Difficult": Sitharaman
- •Finance Minister Nirmala Sitharaman stated that India-US trade talks have reached a "plateau," making further concessions "very, very difficult."
- •Negotiations are still ongoing, with both sides seeking areas for potential progress despite the current impasse.
- •Sitharaman's remarks follow US Trade Representative Jamieson Greer's comment that the deal was in "short strokes" but not imminent.
- •Key issues include tariffs, market access, and the treatment of sensitive domestic sectors, requiring difficult compromises.
- •India's approach to trade negotiations, exemplified by the India-EU deal, balances national interests with the global trade environment and seeks to protect domestic sectors.
Key Questions Answered
Finance Minister Nirmala Sitharaman stated that India-US trade negotiations have reached a plateau where making further concessions or giving and taking has become very, very difficult. However, she indicated that the discussions remain active and ongoing as both sides look for remaining operational room to make progress.
Sitharaman described the India-EU trade pact as an example of New Delhi's approach to major agreements, highlighting that India opened 92.5 percent of tariff lines and 97 percent in value terms while protecting domestic sector competitiveness. She noted the scale of the two powerful economies tied up for the next two to three decades.
Sitharaman announced that India has prepared a brand new template for bilateral investment treaties (BITs) that is expected to receive formal approval shortly. This new framework is designed to guide India's future investment agreements and strengthen economic relationships with other global economies.
