New Delhi [India], November 16 : Mukesh Aghi, President and Chief Executive Officer of the US-India Strategic Partnership Forum, said that trade negotiations have moved on well with the US.
Aghi, in conversation with ANI, said that they were waiting for the President to take a call on the deal.
He said, "The negotiations on trade have moved on quite well and from my India perspective, everything is done and the terms are with the President. We are waiting for the President to take a call and close the deal."
India is expected to gain a small edge as the US administration has exempted agricultural products from the reciprocal tariffs it had imposed on several countries, said trade think tank GTRI.
The United States has removed a set of agricultural products from the reciprocal tariffs introduced earlier this year, meaning these items will now face only the standard MFN duties.
A White House Executive Order issued on November 12 excludes coffee, tea, tropical fruits, fruit juices, cocoa, spices, bananas, oranges, tomatoes, beef, and certain fertilisers from the April 2 reciprocal tariff regime, according to a Global Trade Research Initiative (GTRI) report released on Saturday.
The exemptions took effect on November 13. These goods are either not produced in adequate quantities domestically or depend on climate conditions that the US cannot replicate, GTRI has asserted.
For the tariff-exempt products identified in the order, India currently supplies only USD 548 million of America's USD 50.6 billion import basket, reflecting a narrow export footprint dominated by a few winners, GTRI noted.
US' demand for these items is heavily concentrated in categories.
India's exports to the US are concentrated in a handful of high-value spices and niche products: pepper and capsicum preparations (USD 181 million), ginger-turmeric-curry spices (USD 84 million), anise and cumin seed categories (USD 85 million), cardamom and nutmeg (USD 15 million), tea (USD 68 million), and modest quantities of coconuts, cocoa beans, cinnamon, cloves, and fruit products.
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