Navigating Trade Tides: India-US Bilateral Trade Discussions

India's Commerce and Industry Minister, Piyush Goyal, is at the forefront of crucial talks in Washington, aiming to forge a bilateral trade agreement with the US. Starting May 16, these discussions seek to align both nations towards an interim arrangement in goods, paving the way for a comprehensive agreement by the fall of this year.

Goyal will engage with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to secure early wins in the negotiations. The backdrop of these talks includes a 90-day tariff pause, offering a window to advance discussions, especially important given the US's suspension of additional tariffs on India effective until July 9, due to trade deficit issues.

The negotiations cover various concessions in sectors such as textiles, leather goods, and electronics for India, while the US seeks duty reductions on industrial goods and agriculture. With a finalized Terms of Reference featuring 19 chapters, the talks aim to address both tariff and non-tariff barriers to elevate the trade relationship.

(With inputs from agencies.)