US trade pact framework soon

Bilateral Agreement

- Mukesh Jagota

The trade agreement that India and the US have agreed to negotiate during Prime Minister Narendra Modi's recent visit to Washington will not be akin to a free trade agreement (FTA), but will explore ways to boost trade on a bilateral give-and-take basis.

According to official sources, the contours of the agreement will be clear in a couple of weeks, with both sides agreeing to follow a tough timeline for official-level talks.

"It is not akin to FTA. What contours it will take we are working out. It will be on a bilateral rather than on most favoured nation (MFN) basis. It is a much fairer kind of negotiations (that is going to be held), and a fair agreement that India is trying to take forward," an official, who did not wish to be identified, said. "In a couple of weeks, the level of ambition of the agreement will be clear as well as the nature of the agreement," he said.