An Indian delegation is set to travel to Washington to finalise the legal text of the interim pact, which the two sides aim to sign by March.
Officials cited by TOI said the quantities offered under the quotas are largely small and, in several cases, relate to inputs such as cotton that are already being imported.
These imports, they said, would be aligned with the requirements of India’s textiles industry, which could expand exports following the conclusion of trade agreements with the European Union and the United Kingdom.
The officials said similar quota arrangements have been provided in other trade agreements and are in line with existing import levels. “We have looked at our requirements. Besides, we are a net exporter of agricultural products. The deals will help us increase export of farm goods and open a $400 billion opportunity in the EU and the US,” an official told TOI.
India’s agricultural exports to the US are estimated at $2.8 billion, while imports stand at around $1.5 billion. Overall, India imports about $35 billion worth of farm goods and exports more than $50 billion, the report said, citing officials.The remarks come amid criticism from Opposition parties, which have alleged that the government is extending significant concessions to the US. Officials maintained that sensitive sectors such as farm and dairy have been safeguarded.
Officials also indicated that the agreement will follow the framework outlined in the joint statement issued earlier. Discussions have taken place on issues such as digital services tax and e-commerce, though these may be addressed in a comprehensive bilateral trade agreement at a later stage, TOI reported.
Commerce Secretary Rajesh Agrawal said India’s chief negotiator, Darpan Jain, will visit the US to finalise the legal text. “The joint statement lays down the contours of the deal. Now, this has to be translated into a legal agreement, which will be signed between the two sides,” he said, as quoted by TOI.
Agrawal, who earlier served as India’s chief negotiator, also indicated that the US is expected to lower the reciprocal tariff from 25% to 18% this week, the report added.
(With inputs from TOI)