Trade Deal Between India And USA May Happen Only After November Presidential Elections

The trade deal between India and the United States of America is unlikely to be formulated ahead of the impending presidential elections in November this year, according to a report by Economic Times.

“We are not optimistic about the deal happening before November. We understand their compulsions and the timeframe is tight” an official mentioned.

The Narendra Modi-led dispensation is seeking greater market access for its agricultural products. Similarly, USA has asked for lower duties in the imports of dry fruits such as almonds, walnuts, pecan nuts and also apples as well as soya beans. On the other hand, USA is looking to tap more prominently into the Indian consumers for its medical devices and ICT products.

The two countries are looking to work out a free trade agreement (FTA) in the larger scheme of things. The plan is being composed since last couple of years and was widely talked about in President Donald Trump’s visit to India earlier this year.

India is looking to attain complete recovery of benefits under Generalized System of Preferences (GSP). The two nations discussed about this deal in the previous week and US has indicated that an initial pact could satisfy India’s demands of receiving benefits under GSP and also a better market access for each other’s agricultural produce.