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Despite Commerce Minister Piyush Goyal’s presence in New York to conclude a trade package with U.S. Trade Representative (USTR) Robert Lighthizer, the two sides failed to bridge the gap in their positions.
The announcement of an agreement was expected to coincide with Tuesday’s bilateral between Prime Minister Narendra Modi and President Donald Trump. “We will have a trade deal soon. We will have a bigger trade deal down the road,” Mr. Trump said before the talks held on the sidelines of the UN General Asssembly meeting.
While Foreign Secretary Vijay Gokhale did not share details on why a trade package could not be concluded, three sources familiar with the negotiations told The Hindu that the prospects of an agreement unravelled due to the failure to reach an agreement on Information and communications technology (ICT) products. The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but New Delhi is concerned that this could open up the market to flooding by Chinese technology.
India, U.S. trade deal falls through
The announcement of an agreement was expected to coincide with Tuesday’s bilateral between Prime Minister Narendra Modi and President Donald Trump. “We will have a trade deal soon. We will have a bigger trade deal down the road,” Mr. Trump said before the talks held on the sidelines of the UN General Asssembly meeting.
While Foreign Secretary Vijay Gokhale did not share details on why a trade package could not be concluded, three sources familiar with the negotiations told The Hindu that the prospects of an agreement unravelled due to the failure to reach an agreement on Information and communications technology (ICT) products. The U.S. has wanted India to eliminate tariffs (20%) on ICT products, but New Delhi is concerned that this could open up the market to flooding by Chinese technology.
India, U.S. trade deal falls through