Sticking points in India-us mini trade deal fixed: Commerce secy

Commerce Secretary Anup Wadhawan on Wednesday said the negotiations over India-us mini trade deal are ongoing and that the contentious points have largely been addressed. “There are no sticking points. Bilateral discussions never end,” said Wadhawan.

The two countries are negotiating a trade package to iron out the chinks and promote two-way commerce.

India has demanded resumption of export benefits to certain domestic products under the Generalised System of Preferences, and greater market access for its products from sectors like agriculture, automobile, auto components, and engineering.

Equalisation levy

Wadhawan reiterated the country’s stand that it does not agree with the United States Trade Representative (USTR) report that New Delhi’s move to impose 2-per cent equalisation levy on foreign e-commerce firms discriminates against American companies.

“We do not agree with that conclusion,” said Wadhawan.

Budget & exports

Wadhawan said exports are picking up and will soon reach pre-covid levels.

He said the Budget measures, such as provisions relating to countervailing duties and anti-dumping duty, a scheme for mega investment textile parks, substantial investments in the development of modern fishing harbours an fish landing centres, Operation Green scheme for the agriculture sector, will enable growth, diversification, and technological enhancement of India’s exports.

Customs duties

Wadhawan said the broad principle is that it should do away with the inverted duty structure and increase competitiveness of exports. He said all Customs duties are within the bound duty rates committed by India in the World Trade Organization.

On RCEP

“Our stance is clear,” he said.

India had opted out of the deal in 2019. The Regional Comprehensive Economic Partnership (RCEP) says its doors to India are open.