India and US Forge Path Toward Major Trade Agreement
India and the United States are approaching a groundbreaking Bilateral Trade Agreement, with discussions focusing on reducing tariffs and enhancing trade relations. Both nations aim for a deal by July 8, potentially revolutionizing their economic partnership and paving the way for increased trade worth USD 500 billion by 2030.
- Country:
- India
In a significant move towards strengthening economic ties, India's Commerce and Industry Minister Piyush Goyal met with Howard Lutnick, the US Secretary of Commerce, to discuss a potential trade pact. The meeting centered on expanding trade and investment opportunities between the two nations.
Post-meeting, Goyal tweeted about the "constructive" dialogue, emphasizing his commitment to boosting business opportunities. This highlights the mutual interest in enhancing bilateral trade and economic growth through collaboration.
According to sources, India and the US aim to formalize the first phase of their Bilateral Trade Agreement before July. Discussions have included concessions on labor-intensive exports like textiles and leather, and services, while ensuring protection for sensitive sectors like agriculture.
Negotiations are reportedly progressing positively, with India seeking tariff exemptions, particularly on agriculture and dairy products. The trade deal could redefine economic relations between the two countries, whose current bilateral trade stands at USD 131.84 billion, as India records a USD 41.18 billion trade surplus.
The recent discussions between President Donald Trump and Prime Minister Narendra Modi underscored the intent to boost trade, aiming for a USD 500 billion target by 2030. Meanwhile, India-EU trade talks show promise, with early harvest agreements anticipated soon.
(With inputs from agencies.)
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