Limited Trade Deal Between India, US Deferred; Focus On Resolving Market Access Issues For Now

The 'limited' trade deal that was being negotiated between India and the United States (US) has been deferred.

Addressing the top representatives of over a dozen export promotion councils on Thursday (19 August), Union Commerce and Industry Minister Piyush Goyal said that the US has kind of indicated that they are not looking for a new trade agreement as of now, reports Financial Express.

Goyal however also added, "But we look at working with them on market access issues on both sides. That will also be a big opportunity for our export sector." These talks on the market access issues will likely cover non-tariff barriers, mutual recognition agreements and quality standards of imported products.

The negotiations over the limited trade pact had begun during the tenure of former US president Donald Trump. It was supposed to cover products with annual bilateral trade of about $13 billion.

It should be noted that the US is India’s largest export market. It made up for outbound shipment of almost $52 billion in FY21 alone.