NEW DELHI: India and the US concluded the initial round of discussions for a bilateral trade agreement on Saturday and experts will now move ahead with sectoral discussions in the coming weeks.
“In order to realize the shared objective of promoting growth that ensures fairness, national security and job creation, both sides have through four-days of discussions in New Delhi broadly come to an understanding on the next steps towards a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA), with the goal to finalize its first tranche by fall 2025,” an official statement said.
Negotiators from the two countries have identified the priority areas to increase market access by lowering duties and non-tariff barriers and deepening supply chains, it said.
“Both sides look forward to building on this milestone in the coming months to finalize the bilateral trade agreement, ensuring it aligns with the shared goals of prosperity, resilience, and mutual benefit.”
The discussions follow PM Narendra Modi and US President Donald Trump’s announcement to negotiate a bilateral trade agreement and more than double trade to $500 billion by 2030. Subsequently, commerce and industry minister met US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to take forward the talks.
The talks at the official level were led by Brendan Lynch, assistant USTR, and Rajesh Agrawal, additional secretary in the commerce department.
Trump has been attacking India for high tariffs and duty cuts for several products are expected in the first tranche of the agreement that is likely to be finalized by Sept-Oct.
“India is one of the highest tariffing nations in the world. It’s brutal, it’s brutal. They’re very smart. He (Modi) is a very smart man and a great friend of mine. We had very good talks. I think it’s going to work out very well between India and our country,” Trump said Friday.
All eyes are now on April 2, the deadline set by the American president for imposing reciprocal tariffs. With negotiations for a trade deal underway, govt is hoping that Indian products do not face reciprocal duties.
