India’s trade talks with U.S. deadlocked

India’s trade talks with U.S. deadlocked

The U.S. is proceeding with its review of India’s GSP status and India is moving ahead with retaliatory tariffs. Postponed twice, India’s retaliatory tariffs are now set to come into force on September 18.

Uncertainty over TPF

Meanwhile, there is a shadow of uncertainty over the Trade Policy Forum (TPF) that was announced for the last week of October.

India was expecting to negotiate general market access issues at the TPF, but the USTR wanted all of them resolved beforehand. USTR Robert Lighthizer and Commerce Secretary Wilbur Ross were expected to travel to New Delhi for TPF and the Commercial Dialogue between the two countries in the last week of October, but these parallel events could be postponed, sources told The Hindu .

Deputy USTR Jeffrey Gerrish, called off a trip to New Delhi scheduled for this week, but that could be rescheduled for later this month.

Pointing out that there has been a decrease in the deficit last year by about 5% or about $1.5 Bn, the first Indian official said:. “..this is because U.S. exports have increased by 10%…we are importing gas and oil from the United States…According to ballpark figures, this calendar year we are likely to import up to US $2.5 billion in oil and gas. This is something we would like the U.S. to acknowledge.”

The USTR had launched a review of India’s GSP status, that allows preferential treatment to certain number of specified goods from beneficiary countries, following complaints from AdvaDed, or Advanced Medical Technology Association, a group of companies that exports medical devices to India and a dairy association.

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