NEW DELHI: Amid global concerns over the US reciprocal tariffs, external affairs minister S Jaishankar spoke to his American counterpart Marco Rubio. The minister said in a post on X that they agreed on the importance of the early conclusion of the bilateral trade agreement (BTA).
Unlike China and a few others, India hasn’t imposed retaliatory tariffs and has instead chosen to negotiate a trade agreement that would address the interests and sensitivities of both sides. The focus in the ongoing talks has been on increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.
The Jaishankar-Rubio talks took place on a day Trump’s sweeping tariffs and fears of a trade war triggered a global market crash. This was the first high-level talks between the two countries since the US announced its reciprocal tariffs, including 26% on India, last week.
Jaishankar said in his post: “Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch.”
India has cited the fact that it has already significantly reduced its average tariffs with countries like Australia, UAE, Switzerland and Norway under recently concluded mutually beneficial bilateral trade agreements.