Commerce Secretary Rajesh Agrawal (ANI)
A delegation from the Office of the United States Trade Representative (USTR) will visit India on June 23-24 for discussions aimed at advancing the proposed India-US trade agreement, Commerce secretary Rajesh Agrawal said on Monday.The visit follows a round of negotiations held in New Delhi from June 1 to 4, during which a USTR delegation led by the US chief negotiator held talks with Indian officials. According to the commerce ministry, the discussions covered trade in goods, non-tariff barriers, customs and trade facilitation, economic security cooperation and other areas of mutual interest.Commerce Minister Piyush Goyal had earlier indicated that both countries were aiming to conclude the first tranche of the agreement by mid-July. Hope for stability after US-Iran understandingAgrawal also welcomed the recent understanding between the US and Iran, expressing hope that it would bring lasting peace to the region.”We hope it is a sustained one which brings in peace across the region,” he said, ANI reported.He noted that a stable situation and smoother movement through the Strait of Hormuz would benefit India’s exports to Gulf countries. The strategic waterway is a crucial route for crude oil, LNG and other commodities, and any improvement in shipping conditions could boost regional trade. What India wants from US trade dealIndia has outlined key demands in its ongoing trade negotiations with the United States. This includes preferential tariff treatment and assurances against future tariff hikes, as both countries work towards finalising an interim trade agreement.India is also seeking clarity on proposed US tariff measures arising from investigations, which Washington says are aimed at addressing practices it views as harmful to American industry.Speaking on the same, he said, “US section 301 are legal investigations, which is following this due process, and we are also engaged in our discussions. We have made our point, which was indicated throughout last month, and we are also engaged to see what the outcome is.”Agrawal also highlighted India’s long-term export performance. He noted that the country’s overall exports have nearly doubled over the past 12 years, rising from USD 446 billion to USD 863 billion, while services exports tripled from USD 142 billion to USD 420 billion.
