Indian and the US teams are making visits to each other's country for trade talks

PTI New Delhi

Negotiations for the proposed India-US trade agreement are in good progress and the two sides are expected to agree on an early tranche of the pact before July 9, a top government official said on Monday.

"We are working on the early tranche and as you are aware that there is a date (July 9), before that we would like to conclude this early tranche," Commerce Secretary Sunil Barthwal told reporters here. He said that Indian and the US teams are making visits to each other's country for trade talks. "We also visited the US twice. The US team also came here twice. There is good progress and we are hopeful that this will be done within the timelines," he added.

The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days till July 9. However, the 10 per cent baseline tariff imposed by America remains in place. India is seeking full exemption from the additional 26% tariff. The US team was here from June 5 - 11 for the talks. The negotiations will continue both virtually and physically in the days to come.

When asked if the absence of the US Fast Track Trade Authority (also known as Trade Promotion Authority) could delay the proposed trade pact with India, an official said that it is up to the US authorities to decide how to navigate its local regulations for the trade agreement with India.