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Update on India-US Trade Deal: 90% Progress Achieved
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Update on India-US Trade Deal: 90% Progress Achieved

A representative from the U.S. Department of State reported significant progress in trade negotiations between India and the United States, noting that the draft agreement is over 90% complete, with only minor details remaining for finalization.

This official emphasized that this agreement has the potential to elevate the bilateral relationship between the two countries to a qualitatively new level. When asked by PTI about the timeline for signing the deal, the representative stated that developments should be monitored, as most of the work has been done, and the final points are currently being resolved, which he hopes will bring news soon.

He also noted that this agreement will add a new dimension to the relationship between America and India—a dimension that has remained unattainable in terms of trade for decades and was a major obstacle in their relations.

Earlier, Commerce and Industry Minister Piyush Goyal indicated that negotiations were nearing completion. Speaking at the Indian Public Forum in New Delhi on Thursday, he announced that India had finalized nine free trade agreements, including the deal with the US, which is nearly ready. He added that they need to find suitable benefits for themselves to implement the agreement as soon as possible.

India and the US announced the structure of the first phase of the bilateral trade agreement in February. However, further discussions were required due to changes in American tariffs. Goyal clarified that India's trade agreements will ensure preferential access to markets accounting for about 75 percent of global GDP.

The U.S. official also pointed to active engagement in diplomatic relations. Secretary of State Marco Rubio plans to visit in October, and Prime Minister Narendra Modi is scheduled to visit the US in December to participate in the G20 summit in Florida. The representative noted that much is happening in the relationship, and the foreign ministers of Quad nations will meet for the third time this year.

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Expert predicts India will become the world's largest economy and overtake the US within 25 years
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Expert predicts India will become the world's largest economy and overtake the US within 25 years

India is among the fastest-growing global economies, and its growth momentum is expected to continue. Not only global agencies but also leading economists express confidence in India's rapid GDP growth. Professor Jeffrey Sachs of Columbia University and economist made a significant statement regarding the Indian economy, believing that India is on track to become the world's largest economy, surpassing even America within the specified timeframe.

According to economist Jeffrey Sachs, India is moving towards becoming the second-largest economy in the world, overtaking the US within the next twenty-five years. He also believes that eventually, India could become the world's largest economy. Sachs justifies this by stating that the center of the global economy is decisively shifting towards Asia.

Jeffrey Sachs, a professor at Columbia University and an advocate for strengthening ties between India and China, asserts that these two Asian giants could become the two largest economies in the world in less than 25 years, while the US moves to third place. In an interview with India Today, Jeffrey Sachs stated: 'I envision a time about 25 years from now when India and China will be the two largest economies in the world. At some point this century, India will be the largest economy.'

He added that India is already demonstrating faster growth compared to other major economies. Deep economic and technological ties with China could further accelerate this progress.

Sachs called the relationship between India and China the most important bilateral partnership in the world, arguing that strong cooperation between the two countries could lead to greater results. Acknowledging the presence of mistrust and border disputes affecting India-China relations, he emphasized that both countries possess reliable economic and strategic alternatives to improve their relationship. In the economist's view, 'India's need for China is the same as China's need for India.'

Jeffrey Sachs noted that the focus of the world economy has once again shifted to Asia, where it was for 2000 years, and then briefly moved away after 1800. He stressed that as a result of this shift, India's strategic and economic ties with China, ASEAN, Africa, and the Persian Gulf countries will become increasingly significant. India is already the fastest-growing among all major countries, and foreign investment in joint ventures with China will give this growth an additional boost.

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