India-US FTA 'in final stages': MEA after Modi-Trump G7 talks
What's the story
India and the United States are on the verge of finalizing an interim trade agreement, Foreign Secretary Vikram Misri announced on Thursday. The announcement comes after Prime Minister Narendra Modi and President Donald Trump discussed trade issues on the sidelines of the G7 Summit in France. "With the United States, we have made significant progress already on the conclusion of an interim bilateral trade agreement. We are in the final stages of concluding that agreement," Misri told reporters on Thursday.
Progress update
US trade representative to visit India next week
Misri said the trade pact was a key topic during Modi and Trump's meeting, with both leaders asking officials to speed up its conclusion. He also revealed that US Trade Representative Jamieson Greer will visit India next week to continue discussions on the trade deal. This development comes after Trump had earlier called the two countries "very close" to finalizing a long-awaited trade deal.
Mutual respect
Trump praises Modi as '1 of the toughest negotiators'
After his meeting with Modi, Trump praised the Indian Prime Minister as "one of the toughest" negotiators. He also acknowledged Modi's efforts in bringing Indian investments to the US. "We had, in particular, some very good conversations with Prime Minister Modi...And we're doing trade deals, we're doing a lot of things, a lot of things are happening between the United States and India," Trump said. "Prime Minister is...spending a lot of money in the United States," he said.
UK agreement
India-UK FTA to come into force on July 15
This mutual respect comes after months of turbulent negotiations between India and the US over tariffs, Russian oil imports, and a fresh maritime dispute. A day earlier, India announced that its free trade agreement (FTA), signed a year ago, with the United Kingdom will come into force on July 15. Modi welcomed the India-UK Comprehensive Economic and Trade Agreement (CETA), calling it a "historic milestone" in bilateral ties. "This agreement will significantly boost our bilateral trade and investment," he said.