After months of negotiations and speculation, India and the United States have finally sealed a trade deal. This much-awaited agreement has been a long time coming and marks a significant milestone in the relationship between the two countries. As we celebrate this momentous occasion, let us take a look at the timeline of key moments that led to the announcement of this historic trade deal.
2017: The Beginning of a New Era
The year 2017 marked a significant shift in the trade relations between India and the US. In June, Prime Minister Narendra Modi and President Donald Trump met for the first time at the White House. The two leaders discussed various issues, including trade, and expressed their commitment to strengthening the bilateral ties between the two nations.
2018: The Imposition of Tariffs
In March 2018, the US imposed tariffs on imported steel and aluminum, which affected many countries, including India. This move was met with strong opposition from the Indian government, which retaliated by imposing tariffs on 29 US products. This sparked concerns about a potential trade war between the two countries.
2019: The GSP Issue
In June 2019, the US terminated India’s designation as a beneficiary developing country under the Generalized System of Preferences (GSP) program. This decision affected Indian exports worth $5.6 billion, leading to a strain in the trade relations between the two countries. However, both sides continued to engage in talks to resolve the issue.
September 2019: The Meeting in New York
In September, Prime Minister Modi and President Trump met on the sidelines of the United Nations General Assembly in New York. The two leaders discussed various issues, including trade, and expressed their desire to work towards a mutually beneficial trade agreement.
October 2019: The Meeting in Washington
In October, a high-level delegation from India, led by Commerce Minister Piyush Goyal, visited Washington to hold talks with US Trade Representative Robert Lighthizer. The two sides discussed various trade issues and made significant progress towards reaching a trade deal.
February 2020: The Visit of President Trump
In February 2020, President Trump made his first official visit to India. During his two-day trip, the two leaders held talks and announced a $3 billion defense deal. The visit also saw the signing of several agreements, including one on energy cooperation. However, a trade deal was not announced at the time.
March 2020: The Beginning of the Pandemic
The outbreak of the COVID-19 pandemic in March 2020 put a pause on the trade negotiations between India and the US. The focus shifted to containing the spread of the virus and dealing with its economic impact.
June 2020: The Resumption of Talks
As the world slowly started to recover from the pandemic, India and the US resumed their trade talks in June. The two sides were determined to reach an agreement that would benefit both countries and strengthen their bilateral ties.
September 2020: The Virtual Summit
In September, Prime Minister Modi and President Trump held a virtual summit, where they discussed various issues, including trade. The two leaders expressed their commitment to a comprehensive trade deal that would address the concerns of both countries.
October 2020: The Announcement of the Trade Deal
After months of negotiations, India and the US finally announced a trade deal on October 27, 2020. The agreement covers various sectors, including agriculture, information and communication technology, and medical devices. It is expected to boost bilateral trade and create jobs in both countries.
The trade deal between India and the US is a testament to the strong and growing relationship between the two nations. It is a win-win situation for both countries, as it will not only boost trade but also strengthen their strategic partnership. The agreement also sends a positive message to the rest of the world, highlighting the importance of cooperation and collaboration in these challenging times.
In conclusion, the timeline of key moments leading to the announcement of the India-US trade deal is a reflection of the commitment and determination of both countries to strengthen their ties. As we move forward, let us hope that this agreement will pave the way for even closer and more fruitful cooperation between India and the US.
