India is not interested in a deal with the United States which does not include preferential access among its competitors, official sources told NDTV Profit on Monday.
Preferential access aims to just slashes tariffs to lower levels, and allows more exposure to the American market for Indian goods. Deals clinched in the past, such as that with Vietnam, guranteed Washington preferential access to the country's market.
Additionally, a potential deal will also seek tariff relief from US Section 301 investigations as a priority; even so, trariff rate will be decided basis Section 301 investigation outcome, as per sources.
Section 301 of the US Trade Act allows Washington to investigate and respond to foreign trade practices it considers discriminatory or unreasonable. The provision has previously been used in trade disputes involving China and other major trading partners.
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After the US Supreme Court struck down Trump's sweeping reciprocal tariff policy in February, Section 301 was sought as an alternative by America to re-impose levies on its trading partners.
United States Trade Representative Jamieson Greer will meet Piyush Goyal once clarity emerges on these fronts, the sources added.
Separately, Minister of Commerce and Industry Piyush Goyal announced that the initial portion for the India-US trade deal has almost been finalised, highlighting that 99% of the first tranche of the deal has been agreed upon.
Goyal also informed that part of US trade team has arrived, and rest will arrive later today. The talks are expected to be held between June 2 and 4, the Commerce Minister said while speaking to reporters on Monday.
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The government is aiming to sign the first tranche of the deal during this round of talks, Goyal underlined while adding that the Indian negotiating team is working around the various regulatory hurdles that came up in the US while finalising the deal.
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