Modi discusses trade deal with UK PM Sunak
During the discussion, the two leaders are understood to have discussed the broad contours of the proposed Free Trade Agreement between their two countries.
During the discussion, the two leaders are understood to have discussed the broad contours of the proposed Free Trade Agreement between their two countries.
The Australia-India Economic Cooperation and Trade Agreement (ECTA) is a great opportunity for Australian businesses as it will open up new markets to reach around 1.4 billion consumers in the world’s fastest-growing major economy.
RCEP is relevant as Washington is gradually losing its economic ground in the Asia-Pacific region following its withdrawal from the Trans-Pacific Partnership (TPP) in 2017. The TPP was devised during President Barack Obama’s administration to counter China’s growing economic clout in the region. The
Earlier in the year, the Trump administration had signed a mega phase one deal with China, after intense negotiations between the two countries.
Wells told reporters during a conference call that India needs to open up as it is still a protected market, which sometimes denies a level playing field to foreign companies.
The pandemic has affected the world trade and the US-China trade deal remains doubtful under such circumstances.
Ahead of Trump’s visit, there have been talks about India-US signing a potential trade deal.
The development comes after the Commission halved additional tariffs on US imports, including pork, beef, soybeans and whiskey, from February 14.
President Trump along with his wife and First Lady Melania Trump will be on a two-day visit in India on February 24 and 25 at the invitation of Prime Minister Narendra Modi.
India is now the United States' eighth-largest trading partner in goods and services and is among the world's largest economies.
