New Delhi: An interim trade agreement between India and the US could be finalised in the 90-day tariff pause announced by the Trump administration if it is a “win-win” for both sides, an official said on Friday.
The official also said the two countries have already finalised the terms of reference (ToR) to start negotiations for the pact.
“Lot of possibilities are there to finalise low hanging fruits. Lot of possibilities are there to finalise form and shape of the BTA,” the official said, adding everything is possible in 90 days if it is a “win-win” for both sides.
India and the US are engaged in finalising the trade agreement. Both sides have targeted to conclude the first phase by fall (September-October) this year with an aim to more than double the bilateral trade to $500 billion by 2030 from the current about $191 billion. “The work has started. India is far ahead of other countries in negotiating a trade deal,” the government official said, adding India is in continuous engagement with the US.
The US, on April 2, announced an additional 26 per cent tariff on Indian goods entering the US. But on April 9, the Trump announced the suspension of these on India for 90 days until July 9 this year.
However, the 10 per cent baseline tariff imposed on the countries will continue to remain in place.