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Informist, Tuesday, Apr. 29, 2025

 

--Govt: Discussed trade deal with US last week, made positive progress 

--Govt: Discussed concluding 1st tranche of trade agreement with US by fall 

--Govt: Discussed tariff, non-tariff matters with US during trade deal talks 

--Govt: In-person sectoral talks with US on trade deal planned from end May

 

NEW DELHI – In discussions held by officials from India and the US last week, they made "positive progress" on the proposed bilateral trade agreement between both countries, the commerce ministry said in a release on Tuesday. "During the meetings in Washington, D.C., the team had fruitful discussions on wide ranging subjects covering tariff and non-tariff matters," a release said. 

 

India and the US had agreed on a bilateral trade agreement during Modi's visit to Washington, D.C. in February, a trade deal that could help avoid the reciprocal tariffs announced by US President Donald Trump on Indian goods. The negotiating teams from both sides discussed "the pathway" for conluding the first tranche of the trade agreement by fall this year, according to the release. While sectoral expert level engagements have taken place through the virtual format, in-person sectoral engagements are planned from end-May, it added.

 

There is significant apprehension over the proposed US tariffs as the US is India's top export destination with a share of 19% in total outbound shipments in 2024-25 (Apr-Mar). The US, which has raised concerns over the widening trade deficit with partner nations, announced sweeping tariffs on Apr. 2 in an attempt to boost local manufacturing, including 26% on India. These tariffs were later suspended for 90 days till Jul. 9. With the US, India had a merchandise trade surplus of $41.18 billion in FY25. It was $35.32 billion in FY24, $27.7 billion in FY23, $32.85 billion in FY22, and $22.73 billion in FY21. 

 

US Vice-President J.D. Vance had visited India last week, when he, along with Prime Minister Narendra Modi, finalised the terms of reference to lay down a roadmap for negotiations on reciprocal tariffs.  End

 

US$1 = INR 85.26

 

Reported by Priyasmita Dutta

Edited by Avishek Dutta

 

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