'Very Worried India's Giving a Lot More to US Than It's Getting in Trade Joint Statement': Trade Expert
Trade expert Ajay Srivastava, the Founder of the Global Trade Research Initiative, said he was “very worried” that the India-US joint statement, which outlines the framework for the interim trade agreement, suggests that India is giving a lot more than it is getting from the United States.
Srivastava said: “I am very worried. We have just looked at the seeds in the joint statement. I am very worried about the deal. What we are getting is a reprieve from an illegal reciprocal tariff that may any way may go if the US Supreme Court rules against them. In return, we are giving so much more than a trade deal contains. Trade deal contains only tariff concessions. We are not only removing MFN tariffs on almost all industrial products but in the case of most agricultural products we are diluting. We may be diluting our digital laws. We may be sacrificing our independent foreign policy and economic security whilst dealing with other third nations. That independence we may be losing. We may have to review our regulatory regime in a big way to accommodate US interests. And they are all one-sided. US is not going to do any of this for us. They only want us to do. Over and above, we are taking a big commitment of buying $500 billion worth of goods from them whereas they don’t have goods needed by us in many cases.”
Watch the full interview.
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