Piyush Goyal visits US to advance forward-MFN in BTA talks
India and the US are working out a new trade deal, and a big focus is something called the "forward-MFN" clause.
Basically, India wants to lock in its current tariff benefits with the US so future policy changes, or better deals given to other countries, won't leave Indian exports at a disadvantage.
Commerce and industry minister Piyush Goyal's visit to the US from September 29 to October 5 is aimed at advancing the Bilateral Trade Agreement (BTA) and finalizing an interim deal based on the framework announced in February, with talks on a forward MFN clause.
Textiles/engineering exporters face 10% US duty
Indian exporters, especially in textiles and engineering, face stiff competition from Vietnam and Bangladesh, and right now they're hit with a 10% extra duty in the US over labor concerns.
The forward-MFN clause would help keep things fair for Indian businesses and provide some much-needed stability in trade rules.
Talks are still ongoing, based on the framework announced in February.