Alternate Talks Conclude, india Eyes Tariff Respite From US
India and the US concluded their inaugural face-to-face trade talks, deemed significantly effective, aimed at alleviating India's tariff concerns amidst US plans for retaliatory tariffs. The four-day discussions culminated in an agreement on a framework for a bilateral trade agreement (BTA), focusing on enhanced market access and reduced tariff barriers. The indian commerce ministry announced that sectoral discussions under the BTA would commence soon, leading to further virtual negotiations. Officials noted positive aspects, including the extension of talks and President Trump’s endorsement of prime minister Modi as a "smart man" and an "amazing friend." Both nations are committed to finalizing the BTA by September, aspiring to boost bilateral trade from $200 billion to $500 billion by 2030.
Ajay Sahai, director general of the Federation of indian Export Enterprises (FIEO), expressed optimism about the recent conclusion of India-US discussions, signifying a substantial advancement in bilateral economic relations. He anticipates enhanced market access, reduced trade barriers, and improved supply chain integration, fostering a more predictable trade environment. The upcoming Bilateral Trade Agreement (BTA) aims to bolster India’s export competitiveness and facilitate mutual prosperity, potentially waiving reciprocal tariffs. The commerce ministry noted substantial agreement on the BTA, projecting its initial phase to be finalized by fall 2025. These discussions follow Union Commerce minister Piyush Goyal’s meetings in Washington, reflecting ongoing efforts to strengthen India-US trade and investment ties amidst concerns over tariffs facing other nations.
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