US-India Trade Talks: Aiming for Mission 500
The US and India are engaging in significant discussions toward a Bilateral Trade Agreement (BTA), aiming to double trade to USD 500 billion by 2030. Meetings have been fruitful, despite cautious advice from Indian think tanks, as the two nations prepare to sign the first tranche by July.
- Country:
- India
The United States and India are advancing in negotiations for a Bilateral Trade Agreement (BTA), with a recent announcement that a US delegation will visit India on June 5-6 for further discussions, according to government sources.
Reports indicate that both nations are pleased with the progress of the talks. India has expressed optimism, considering the meetings 'fruitful', and anticipates signing the initial tranche of the agreement by July. The discussions, held in Washington, DC, in late April, covered extensive topics, including tariff and non-tariff issues, setting the stage for an ambitious target of doubling bilateral trade to USD 500 billion, dubbed 'Mission 500', by 2030.
However, caution is advised by Indian think tanks like the Global Trade Research Initiative (GTRI), urging careful navigation in the agreement to avoid terms influenced by undue pressure. With the US consistently being India's largest trading partner and a considerable trade surplus, this deal signifies a pivotal shift in economic relations for both nations.
(With inputs from agencies.)
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