By Akshara Dinkar/Sakshi Sinha/Dr Saket Dinkar
Washington D C/London / New Delhi
A major breakthrough may be on the horizon for India–US trade ties, as the United States could soon get approval to sell American soybeans in the Indian market. According to a senior US trade official, Washington has received “the best offer so far” from India on this issue, raising hopes for progress in long-pending negotiations.
High-Level US Trade Team Visiting India
The statement comes during the visit of a high-level American trade delegation currently in India. The team is being led by US Deputy Trade Representative Rick Switzer. The visit is considered significant as both countries aim to finalize the first stage of a new bilateral trade agreement—one that has been under discussion for a long time.
Effort to Conclude First Phase of Trade Deal
The primary objective of this visit is to push forward a long-delayed trade deal and give it a concrete shape. Officials from both sides are engaged in discussions to resolve pending issues and move toward an initial agreement. If progress continues, the trade deal could be completed within a year.
Trade Relations Strained in Recent Months
The trade relationship between India and the United States has been tense over the past few months. Citing India’s high tariffs and the trade deficit, the US imposed a 25% tariff on certain Indian goods. This development created difficulties for exporters and importers in both countries.
US Concerned About Trade Imbalance
Washington believes that trade between the two nations is currently imbalanced. India exports more goods to the US than it imports from America. The additional tariffs, US officials argue, are intended to address this imbalance and encourage smoother, more equitable trade flows.
