US VP Vance: India and America have finalised terms of reference for a trade deal

• India and America have finalised terms of reference for a trade deal.
• I believe that India and US have much to offer one another.
• Our administration seeks trade partners on the basis of fairness.
• We have common goals with India.
• India and US will co-produce many defence equipment items.
• India and US both know the region must remain safe from any hostile powers.
• We want India to buy more of our military equipment.
• We want to help India explore offshore gas reserve and critical mineral supplies.
• India should consider dropping some of the non-tariff barriers for American access to the Indian market.
• I welcome India’s budget amendment of nuclear liability laws.
• I believe America’s energy can help realise India’s nuclear goals.

Vance was in India on a personal trip with the second lady Usha Vance and his family. He met India’s PM Modi in New Delhi and discussed about trade and cooperation. As a reminder, Trump imposed 26% reciprocal tariff on India on April 2 before suspending them for 90 days and leaving a 10% baseline tariff.

This article was written by Giuseppe Dellamotta at www.forexlive.com.