India Should learn from the US-Britain Trade Agreement and take care while compromising with the US. So that it can be ensured that the agreement is mutual, balanced and not only inspired by political views. Research Institute Global Trade Research Initiative (GTRI) said this on Saturday. The GTRI stated that the limited trade agreement declared between the US and Britain on May 8 indicates what kind of trade arrangements Washington can make with other major partners, especially India.
Britain has given big concessions to America in tariff
He said that on close viewing, Britain has given widespread concessions to the US in tariffs, while the US has offered very little in turn. The GTRI said, “If the UK-US Agreement creates a blueprint, there is a possibility that the US can pressurize India to finalize a small agreement.
America can ask to reduce tariffs on these products
It also warns that India can be asked to reduce tariffs on soybean, ethanol, apple, almonds, walnuts, raisins, avocado, spirit, many GMs (genetically modified) products and tariffs on sensitive agricultural products including meat and poultry. Tariff concessions on the vehicle are also expected, as India has agreed to reduce the tariff from 100 percent to 10 percent on selected vehicles of Britain as part of its recent agreement announced on May 6.
America will put pressure on commercial purchase
GTRI founder Ajay Srivastava said, “Like Britain, America will also pressur India for large -scale commercial purchases. It can include oil, LNG, Boeing from military and civil aircraft, helicopters or even nuclear reactors.” He said that India should take careful steps while talking on the proposed bilateral trade agreement with the US. He said that Britain has agreed to reduce tariffs on more than 2,500 US products from olive oil to ethanol. On the contrary, the US has reduced tariffs on UK less than 100 items. Nevertheless, most of the cuttings stop at 10 percent of the original 10 percent instead of completely finishing.
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