Explained: What is a bilateral trade agreement, and what is holding up India and the US?
US Secretary of State Marco Rubio, in India on his second visit in five months, said only a small number of items remain unresolved in the India-US trade agreement talks, after meeting External Affairs Minister S Jaishankar in Mumbai and travelling to Jamnagar on October 21.
A bilateral trade agreement sets terms for tariffs and market access between two countries.
India and the United States have been negotiating one, and Rubio said only a small number of items remain unresolved.
Differences remain on tariffs, immigration restrictions and H-1B visa fees, according to Business Today.
Washington has also raised concerns about India’s purchases of Russian oil.
No agreement has been announced.
Both countries welcomed the progress in the negotiations and committed to their early conclusion, according to the same report.
The reports do not give a date by which the agreement is expected to be signed.
On Wednesday, October 21, Rubio left Mumbai for Jamnagar in Gujarat, the second leg of the visit, according to The Tribune and Business Today.
The Jamnagar stop includes a tour of Reliance Industries’ refinery and Vantara, according to Business Today.
The Tribune says talks on enhanced energy cooperation are on the agenda.
Latin Times reports that Rubio called India a refining superpower and that the United States wanted more Venezuelan crude to be processed at the Jamnagar refinery. This comes from a single report.
Washington has raised concerns about India’s purchases of Russian oil and is seeking greater energy trade with India, according to Business Today.
Reliance has United States energy interests, which have drawn attention in the talks, according to the same report.
India and the United States still have differences on several issues, according to Business Today, including United States tariffs, immigration restrictions and higher H-1B visa fees.
The reports mention punitive tariffs imposed last year as one of the sticking points.
This is Rubio’s second visit to India in five months, according to Business Today.
He had earlier visited New Delhi in May for the Quad Foreign Ministers’ meeting, according to a daily news digest.
Indian markets opened higher on Wednesday on hopes of progress in the trade talks, but gave up the gains by the close, according to Free Press Journal.
The Taj Mahal Palace Hotel, Mumbai (file image), Wikimedia Commons, CC BY 4.0
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