India to focus on core issues to close trade deals faster, says Trade secy
This story was originally published at 16:03 IST on 19 March 2025
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NEW DELHI – India's negotiations with various countries on trade deals will prioritise core issues like import duties and non-tariff barriers in a bid to conclude the agreements faster, Commerce Secretary Sunil Barthwal said on Wednesday. The comment comes when the Indian trade ministry has set a timeline to complete negotiations for trade pacts with at least three regions — the US, the European Union, and New Zealand, in 2025.
It is important to fast-track negotiations for trade agreements as sometimes businesses lose interest due to the delay, Barthwal said at a conference on trade with Latin American countries organised by the Confederation of Indian Industry. India is currently engaged in negotiations for trade pacts with the UK, the US, the European Union, New Zealand, Australia, Oman, Peru, and others.
Barthwal said India will adopt a phased approach and sign trade agreements in tranches. New Delhi has adopted this approach for a proposed trade deal with the US, which is extremely crucial for India as Washington prepares to roll out reciprocal tariffs.
India and the US aim to conclude the first tranche of the multi-sectoral bilateral trade agreement by the fall season. The two sides are currently working to finalise the scope of the pact. The US is India's top export destination, with a share of 17% of the country's total merchandise exports. In 2023-24 (Apr-Mar), India exported goods worth $77.52 billion to the US and had a trade surplus of $35.32 billion. End
US$1 = INR 86.44
Reported by Krity Ambey
Edited by Saji George Titus
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