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India and the US are planning to negotiate a trade agreement and both countries will focus on increasing market access, reducing import duty and non-tariff barriers, and enhancing supply chain integration, Parliament was informed on Tuesday.In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said that as on date, reciprocal tariffs have not been imposed by the US on India.“Both countries plan to negotiate a mutually beneficial, multi-sector bilateral trade agreement with focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration,” he said.
The US issued a memorandum on reciprocal trade and tariffs on February 13.During Prime Minister Narendra Modi visit to Washington last month, India and the US announced their commitment to more than double the two-way commerce to $500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.In 2023, the US-India bilateral trade in goods and services stood at $190.
08 billion ($123.89 billion in goods and $66.19 billion in services trade).
That year, India`s merchandise exports to the US stood at $83.77 billion, while imports were $40.12 billion, leaving a trade gap of $43.
65 billion in favour of India.During 2021-24, America was India’s largest trading partner. Prasada also said that India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner.
Commerce Secretary Sunil Barthwal on Monday told a Parliamentary panel that negotiations between the two countries are still on and no agreement on trade tariffs has been reached so far.Barthwal briefed the Parliamentary Committee on External Affairs on US President Donald Trump`s recent claims that India has agreed to reduce its tariffs “way down”. Feb 13Day US issued memorandum on reciprocal tariffsThis story has been sourced from a third party syndicated feed, agencies.
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