India and US Set to Strengthen Trade Ties
India is negotiating a trade agreement with the US with hopes to conclude the first phase by fall this year. Chief negotiator Rajesh Agrawal highlights the importance of integrating with global markets and reducing tariffs to boost India's economy. Logistics play a crucial role in these efforts.
- Country:
- India
India is progressing towards a landmark trade agreement with the United States, aiming to finalize the first phase by fall this year, as stated by Rajesh Agrawal, the Special Secretary in the Department of Commerce.
Agrawal confirmed that India has successfully implemented over 14 Free Trade Agreements with 26 countries and is keen on enhancing its global market connectivity. Notably, India has already secured deals with the UK, Australia, and the UAE while engaging in advanced talks with the European Union and the USA.
Logistics remains central to India's trade strategy, with a focus on cutting logistics costs and improving infrastructure to boost participation in global value chains. Shipping challenges, mostly dominated by foreign entities, contribute to trade deficits, underlining the need for greater control over logistical factors.
(With inputs from agencies.)
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