India's Push for Equitable Trade: Navigating Tariffs and Global Markets

India has reiterated its commitment to pursuing bilateral trade agreements that are 'equitable, fair, and balanced,' with a strong emphasis on protecting the interests of its farmers and micro, small, and medium enterprises (MSMEs), according to government sources.

This stance gains importance following the US administration's imposition of a substantial 50 percent tariff on Indian products, creating new challenges for Indian exporters in the crucial US market. India is determined to enhance its global trade while ensuring that these agreements adhere to reciprocity and fairness, especially safeguarding sensitive sectors like agriculture and MSMEs.

Further complicating matters, the 50 percent tariff encompasses a 25 percent penalty linked to India's crude oil imports from Russia. With the US accounting for a significant portion of India's exports and being its largest trading partner, Finance Minister Nirmala Sitharaman is developing a comprehensive support package for affected exporters, engaging multiple departments to assess the impact on Indian shipments.

(With inputs from agencies.)