The official said that the two countries are sorting out the language of the trade agreement, as reported by PTI.
“We are very near as far as deal is concerned,” the cited official said, adding that not much differences are there now for resolution.
Talks are progressing on the agreement and no new issues are acting as hurdle in the negotiations. “We are converging on most of the issues,” the official added.
So far, five rounds of trade talks have been completed for the first phase of the bilateral trade agreement between the US and India.
India’s Chief Economic Advisor (CEA) V Anantha Nageswaran was optimistic of the tariff dispute between India and US, and said that the issue would be resolved within the next two months, leading to the eventual withdrawal of the White House-imposed penal levies.”Although I don’t have a crystal ball or any inside information, my personal confidence is that, in the next couple of months, if not earlier, we will see a resolution at least to the extra penal tariff of 25%,” the CEA said, speaking at an event organised by Bharat Chamber of Commerce in Kolkata.US President Donald Trump imposed a 25% tariff on Indian shipments to US along with additional penalty of 25% citing India’s purchase of Russian oil.
India imports about 34% of crude oil from Russia, while about 10% of the country’s current oil and gas needs are imported from the US. Trump wants India to cut down Russian oil purchases, and switch to US and its alloies for the same.
The trade deal between the two countries could be announced at the ASEAN Summit later this month. However, Prime Minister Narendra Modi will join the summit virtually.
The US is India’s biggest merchandise importer. Also, it is one of the few major economies with which New Delhi generally runs a trade surplus. India’s exports to the US stood at $86.51 billion in FY25, making it India’s largest market for merchandise shipments.
“I do believe the penal tariff will not be there after November 30,” Nageswaran said at an event.