U.S.-India ‘mini deal' by July 9 possible but likely ‘symbolic,' say industry leaders
Such a deal, they added, would be a small beginning in a long journey for the world's largest democracies.
According to Atul Keshap, former Ambassador and President of U.S.-India Business Council (USIBC), a business advocacy group that represents companies in the U.S, India, and the Pacific region, a mini trade deal would be a first step in the two countries' longer journey toward achieving the 'Mission 500' target of $500 billion in bilateral trade by 2030.
'There is great promise in building deeper energy and technology ties, in electronics and IT, which will remain strong pillars of our bilateral trade,'' Mr. Keshap told The Hindu. He further said that clinching an initial agreement would reaffirm the steadfast partnership between the two governments and show both parties were committed to trade as a tool for enhancing economic progress and building new commercial opportunities.
Responding to a query on what could prove to be key sticking points, Mr. Keshap said, 'The more trade between two countries, the higher the chances for disagreements over trade policy. In the end, we need a deal that enables the private sectors of both countries to deliver on the promise of free enterprise and entrepreneurship.''
He further said, USIBC believed that there was great promise in building deeper energy and technology ties, in electronics and IT, which would remain strong pillars of our bilateral trade. 'It is very important that both governments discuss and deliberate on what can increase bilateral trade between the two countries,'' he opined.
Kami Viswanathan, President of Middle East, Indian Subcontinent and Africa (MEISA), FedEx, also said she was hopeful of seeing a mini deal out by the expected time. 'It's due for some time now, and I hope it comes soon. I hope there will be something happening within the timeline itself. That will do good to businesses, trade, and to both countries,'' she anticipated.
Kumar Deep, Country Director-India, Information Technology Industry Council, a Washington DC-based apex body for global tech firms, thought that, 'There is an ever-changing geopolitical situation. We are not sure as to what is going to come out by July 9, will there be a formal trade announcement by that time or not. But it is heartening to see that both governments are closely engaged in having some concrete trade negotiations. That is very positive and earlier we have not seen these energies working towards improving relationships.''
According to Mr. Deep, in the last three months, there have been several delegations visiting New Delhi and Washington. It is a complex deal and the design has to be right for both governments, businesses in both countries and their people, he commented.
Shashi Shekhar Vempati, former Chief Executive Officer of Prasar Bharati (DD&AIR) and co-founder of DataDaan, a nationwide programme designed to promote voluntary data sharing for AI model training and innovation, said the fundamentals of both countries were so robust, and historically India and the U.S have been together in many ways. ``It is only a logical extension that we deepen our ties across technology, supply chain and many other areas and minimise barriers. Things are now looking very positive.''
Pradeep Rao, Director and Chief Architect at Kyndryl, a spin-off from IBM, in his individual capacity said, 'A mini deal by July 9, I do think it's technically feasible, especially if it focuses on low-hanging fruit in the technology and digital trade sectors.''
The timeline, however, was indeed tight, and the deal would likely be symbolic, maybe paving the way for a broader framework, he opined.
Given the strategic importance of the Indo-U.S. tech corridor — covering everything from AI to semiconductors to cybersecurity — both governments have strong incentives to showcase some tangible progress, said Mr. Rao.
The U.S. Chamber has argued against the application of broad-based tariffs, Mr. Keshap said. 'Tariffs are a tax, paid by domestic businesses and consumers, and they undermine growth and productivity.''
The USIBC was also discussing joint investments, co-development of technologies, institutionalising reforms, and building a two-way investment corridor supporting Indian investments in the United States and U.S. investments in India, he said.
According to Mr. Rao, American businesses are indeed protesting the tariffs, particularly in the tech and digital hardware sectors. US companies, from cloud service providers to chipmakers, see India as a fast-growing market and R&D hub, but high tariffs on electronics, semiconductors, and ICT infrastructure hurt their competitiveness.
''Nobody likes tariffs in the U.S, everybody wants a bunch of good trade deals and negotiations. We have been vouching for open market access and a level playing field for all our member companies. There could be all kinds of models, in-sourcing, onshoring, or outsourcing, eventually it should make business sense to all,'' said Mr. Deep.
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