The US is "very close" to concluding a trade deal with India, which can make it the first country to sign a new bilateral agreement in President Donald Trump's tariff era.
India stands out among the US' trade partners due to its relatively open trade regime and fewer market distortions, the New York Post quoted Treasury Secretary Scott Bessent as saying.
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"India also has fewer non-tariff trade barriers, no currency manipulation, very, very little government subsidies. So, reaching a deal with the Indians is much easier," Bessent told reporters on the sidelines of the annual World Bank and International Monetary Fund meetings.
US Treasury Secretary (Photo: Scott Bessent/X)
Unlike other emerging economies, India does not impose "so many high tariffs", making it a strong candidate for an expedited trade pact, according to Bessent.
The comments come as New Delhi and Washington have already finalised the terms of reference for their bilateral trade agreement, with negotiations expected to accelerate in the coming weeks.
Commerce Secretary Rajesh Agrawal is in the US for three-day long trade talks to further progress for the first tranche of the BTA, which is expected to be concluded before October.
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