India, US near pact to ease trade barriers
New Delhi, May 22 -- India and the United States aim to announce an early harvest deal next month with both sides allowing greater market access to each other by removing both tariff and non-tariff barriers for a majority of goods, including farm produce, while protecting sensitive items through a negative list or quota restrictions, officials aware of the development said.
The early deal involving low-hanging fruits such as automobiles and agricultural items would exhibit New Delhi's earnestness to substantially reduce tariffs on American products. Similarly, Washington would reciprocate by removing the 10% reciprocal baseline tariff for Indian goods and by withdrawing a proposed India-specific 16% additional tariff from July 9, they said ...
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