India-US framework trade deal soon: Commerce secy

India and the United States (US) are hoping to finalise a framework trade agreement “soon”, Commerce Secretary Rajesh Agrawal said on Monday.

- SHREYA NANDI

India is moving forward on a range of agreements — from an easier preferential trade deal with Mexico to full-fledged free trade agreements (FTAs) with Canada, the US, Peru, Chile, the EU and Eurasian Economic Union (EAEU), he added.

With the US, the talks have been moving in parallel on two tracks ~ a broader bilateral trade agreement or BTA, which is expected to take longer, and the framework deal that seeks to address the specific issue of 50 per cent American tariffs on Indian exporters.

“We have had five-six rounds of negotiations, where we have discussed the full-fledged BTA and also an interim agreement/framework trade deal, which addresses the reciprocal tariff. The visit of the Deputy US Trade Representative (USTR) and the team (to New Delhi last week) was to familiarise him with India,” Agrawal said.

“It was also important to stock-take, in terms of the trade relationship with India and the stage of the negotiation - in terms of the BTA and the framework agreement. We are close to a framework deal, but I would not like to put a timeline to it,” Agrawal told reporters in a briefing.