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India-US trade deal to be finalised within 2 days, govt resists US demand on dairy sector: Report
India may hammer out a long-speculated tariff deal with the US within a day or two, top government officials have confirmed to Network 18.
According to the sources, the key hurdle in finalising the agreement is USA's demand to give it access to India's dairy sector. On the other hand, New Delhi has made it clear it won't open up the crucial sector as it serves as the backbone of the country's rural economy.
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So far, US negotiators have acknowledged India's concerns, and they are mulling offering 'limited relief' on dairy products. India is meanwhile considering offering tariff concessions on certain US-made electronic goods.
Earlier, Indian Foreign Minister S Jaishankar also had expressed hope that trade talks between the two countries would reach a 'successful conclusion".
US President Donald Trump is also hopeful about securing a trade deal with India that would lower tariffs on American goods, as long as New Delhi improves market access for US businesses.
Trump previously noted that India seems open to reducing trade barriers, which could pave the way for an agreement before the July 9 deadline.
'Right now, India doesn't accept anybody in. I think India is going to do that. If they do, we're going to have a deal for less—much less—tariffs," Trump remarked, referencing the 26% reciprocal tariffs he announced on April 2, which are currently suspended pending trade negotiations.
(More to follow)
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