India and the United States are in the final stretch of talks on a trade agreement.
External Affairs Minister S Jaishankar said this at a leadership summit on Saturday.
He said New Delhi wants a deal that is beneficial and balanced.
He added that it should give India an edge over comparable economies.
Jaishankar said the bulk of the issues have already been sorted out.
The remaining concerns are more on the American side, because most recent changes came from the US end.
Key points
- India and the US are in the final stretch of trade deal talks.
- Most issues are settled, and the remaining concerns are mainly on the US side.
- Jaishankar did not give a timeframe for finishing the talks.
- Both sides agreed earlier this year to bring tariffs down to 18%.
So what has been holding up the deal?
The talks began last year. At that time, the Trump administration had imposed 50% tariffs on Indian exports.
Tariffs are taxes on goods that cross borders.
Talks gained pace after both sides agreed earlier this year to cut tariffs to 18%.
Graphic: News Anek, from the facts in this report
Later, the judiciary scrapped Trump's tariffs, which complicated the talks.
Officials from both sides say the talks are now in their final stage.
Jaishankar said India is going through the deal tariff line by tariff line.
Each tariff line is one group of goods in the trade list. He said the process takes time and is painstaking.
For ordinary people, trade deals can affect the prices of goods and the jobs of those who make them.
Jaishankar said "people's jobs and people's lives are at stake."
Does the US election change things for India?
In the US midterm elections, the Democrats won control of both the House of Representatives and the Senate.
Jaishankar said this would change many things.
He was careful about commenting on the politics of other countries.
He said defence, security and technology cooperation are not partisan issues in the US.
For the trade talks, India will focus on the Trump administration.
What happens next for India and the US?
His remarks came about a month before Prime Minister Narendra Modi's likely visit to the US for the G20 Summit.
On the sidelines of that summit, Modi and President Donald Trump may meet.
They could review the wider state of ties and progress on the trade pact.
Sources
- Hindustan Times: Jaishankar says US-India trade deal almost at finish line, remaining concerns more on American side
- Hindustan Times: India-US trade deal talks almost at the finishing line: says Jaishankar at HTLS
- Mid-Day: 'India-US trade deal nearing finish line': Jaishankar says agreement could be sealed soon
