India-US embark on journey to $500 billion trade
World Trade Centre Mumbai warmly welcomes the announcement of the interim pact on the India–United States Trade Deal, marking a significant milestone in strengthening one of the world’s most consequential strategic and economic partnerships. In a joint statement released by both the countries followed by a press conference by Union Commerce Minister Piyush Goyal, the broader contours of the trade deal were specified along with a tentative deadline of completion of the final BTA by March this year.
Speaking on the interim trade deal, Dr Vijay Kalantri, Chairman, World Trade Center Mumbai and President All India Association of Industries said, “The announcement of the trade deal was met with calculated responses as the contours of the deal were not revealed. With today’s joint statement, it is amply clear that this trade deal will support India’s long-term endeavour to Viksit Bharat strengthening our position in international trade while cementing our bilateral ties geopolitically and geoeconomically”.
Explaining the rationale behind the optimism Dr. Kalantri said, “The interim trade pact reduces the tariffs from 50% to almost zero for critical exports products like gems and jewellery, pharma, agri produces, auto components, smartphones, etc. This gives us a high tariff differential vis-à-vis other players, strengthening our export competitiveness supporting MSMEs and job creation”.
“Further, the impact of the deal is immediate as against other deals which we have signed with EU<UK and New Zealand which will take some time to fructify. Also, provisions regarding transfer of technology not only establishes US as a key ally but also helps in supporting domestic start up and innovation ecosystem.
Supply of critical ICT products will strengthen our India’s growth and national security. Most importantly, the reiteration that India has not compromised with critical sectors addresses the political economy and makes the deal all the more acceptable”, said Dr. Kalantri Dr Vijay Kalantri, Chairman, World Trade Center Mumbai and President, All India Association of Industries.
