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Informist, Thursday, Apr. 3, 2025

 

--Govt source: India-US to discuss trade pact throughout Apr in online mode

--Govt source: Retaliatory measures against US completely off table

--Govt source: No offline discussion for trade pact with US scheduled yet

 

NEW DELHI - Retaliatory measures against the US' reciprocal tariffs are completely off the table and India is instead pinning all its hopes on the bilateral trade agreement, according to a government official. Washington has proposed a 27% extra duty on Indian goods starting Apr. 9.

 

Both the sides would continue discussions for the trade pact throughout April in online mode, the official said. However, trade representatives from neither side are scheduled to visit each other for trade negotiations.

 

New Delhi has a first mover advantage in terms of initiating trade talks pact with the US, the official said, pointing that a team of officials from the office of the US Trade Representative has not visited any nation for trade pact discussions except India. A team of US officials led by Assistant Trade Representative for South and Central Asia Brendan Lynch had visited India last month after Commerce Minister Piyush Goyal's visit to Washington.  

 

India and the US have agreed to negotiate a multi-sectoral bilateral trade agreement and are aiming to launch the first tranche by the fall season. The two nations are well on track to meet the fall deadline, the government official assured. 

 

While the Indian government is in touch with exporters and stakeholders who may be impacted by Washington's tariffs, it is also hopeful that some sectors are likley to benefit from the tariffs due to duty differential against the competing peers, the official said. Apart from India, US President Donald Trump has slapped a 34% tariff on China, 46% on Vietnam, and 32% on Taiwan, among other countries. 

 

There is significant apprehension over the proposed US tariffs as the US is India's top export destination wiith a share of 19% in total outbound shipments in Apr-Feb. India's exports to the US were $76.38 billion in Apr-Feb, up 9.1% on year.  End

 

US$1 = INR 85.43

 

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

 

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