India should get "preferential market access" in the bilateral trade deal inked with the United States, Union Commerce Minister Piyush Goyal said on Thursday, while briefing reporters in New Delhi.
Preferential market access, notably, is the exception granted from tariffs on select product lines. At present, however, all countries are charged 10% tariffs by the US, with no preference to anyone after the US Supreme Court quashed reciprocal tariffs.
India finalised the interim trade with the US on Feb. 2, which lowered the tariffs levied on the country sharply from 50% to 18%. The deal was expected to come into effect in March, but has been delayed amid the geopolitical upheavels. Also, the striking down of reciprocal tariffs by the US apex court has raised cloud over its implementation.
The tariffs were ruled as "illegal" by the nine-judge bench on Feb. 20. At the time, the Trump administration announced an immediate tariff on 10% on all trading partners, while noting that it would take measures to revive the reciprical tariffs at the earliest.
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India, according to Goyal, has got the "best deal" among competitors. "We are sitting in a sweet spot", the minister claimed.
When the interim pact was finalised in February, it was announced by Washington that New Delhi intends to purchase $500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.
India also plans to trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centres, officials had said. Meanwhile, there are safeguards in place to protect Indian dairy from foreign dairy products.
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