NEW DELHI: India and US could finalise a part of the proposed Bilateral Trade Agreement amid the ongoing 90-day tariff pause announced by the Trump administration.
According to a government official, the two countries have already finalised the terms of reference to start negotiations for the pact.
"Lot of possibilities are there to finalise low hanging fruits. Lot of possibilities are there to finalise the form and shape of the BTA," the official said, adding everything is possible in 90 days if it is a "win-win" for both sides.
"The work has started. India is far ahead of other countries in negotiating a trade deal," the government official said, adding India is in continuous engagement with the US.
India and the US are engaged in finalising the trade agreement. Both sides have targeted to conclude the first phase by fall (September-October) this year with an aim to more than double the bilateral trade to USD 500 billion by 2030 from the current about USD 191 billion.
The US, on April 2, announced an additional 26 per cent tariff on Indian goods entering the US. But on April 9, the Trump administration announced the suspension of these in India for 90 days until July 9 this year. However, the 10 per cent baseline tariff imposed on the countries will continue to remain in place.
"Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" Trump had declared.
India is taking a measured approach to the matter, with the government actively pursuing the US-India trade agreement that was announced during Prime Minister Narendra Modi’s visit to the United States earlier this year.
In 2023-24, the US was the largest trading partner of India, with USD 119.71 billion bilateral trade in goods (USD 77.51 billion worth of exports, USD 42.19 billion of imports and USD 35.31 billion trade surplus.
According to a government official, the two countries have already finalised the terms of reference to start negotiations for the pact.
"Lot of possibilities are there to finalise low hanging fruits. Lot of possibilities are there to finalise the form and shape of the BTA," the official said, adding everything is possible in 90 days if it is a "win-win" for both sides.
"The work has started. India is far ahead of other countries in negotiating a trade deal," the government official said, adding India is in continuous engagement with the US.
India and the US are engaged in finalising the trade agreement. Both sides have targeted to conclude the first phase by fall (September-October) this year with an aim to more than double the bilateral trade to USD 500 billion by 2030 from the current about USD 191 billion.
The US, on April 2, announced an additional 26 per cent tariff on Indian goods entering the US. But on April 9, the Trump administration announced the suspension of these in India for 90 days until July 9 this year. However, the 10 per cent baseline tariff imposed on the countries will continue to remain in place.
"Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" Trump had declared.
India is taking a measured approach to the matter, with the government actively pursuing the US-India trade agreement that was announced during Prime Minister Narendra Modi’s visit to the United States earlier this year.
In 2023-24, the US was the largest trading partner of India, with USD 119.71 billion bilateral trade in goods (USD 77.51 billion worth of exports, USD 42.19 billion of imports and USD 35.31 billion trade surplus.
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