India's Goyal Sees US Trade Deal Before Aug 1 Tariff Deadline

Indian Commerce Minister Piyush Goyal said New Delhi is making "fantastic progress" in trade negotiations with Washington and is confident the two sides can seal an agreement before a 1 August deadline. In comments to reporters on Thursday, Goyal described recent talks with his US counterparts as “wonderful” and said both governments are working to avert proposed tariffs of 26% that would otherwise take effect on Indian goods. Goyal added that India’s priorities in the talks include securing preferential market access in the United States, which he said would help Indian exporters compete more effectively against rivals. He also expressed confidence that India would receive "special treatment" under any final pact, without giving details of the concessions being discussed. The discussions are occurring against the backdrop of heightened trade frictions worldwide, and come just months after Washington imposed a 145% tariff on a broad range of Chinese imports. An accord with India would spare both countries from a new round of duties and deepen commercial ties between the world’s largest and fifth-largest economies.