New Delhi, April 3 (PTI) India and the US want to speed up negotiations on the proposed bilateral trade agreement (BTA) because both countries seek to support two -way trade, the official statement said on Thursday.
Both countries have decided to organize interviews specific to sectors from this month to complete the structure of the agreement.
The voice of acceleration of interviews came against the background of the US decision to impose another 27 % import duty on Indian goods from 9 April this year.
“The discussion is between Indian and American business teams for the advantageous conclusion of mutually beneficial, multi -world BTA … We remain in contact with Trump’s administration on these questions and expect them to lead them forward in the coming days,” the Ministry of Commerce said.
Through the agreement, both countries seek to increase access to the market for their goods, reduce tariff and non -tariff barriers and deepen the integration of the supplier chain.
Last month there was a team of American officials, headed by an assistant to the US sales representative for South and Central Asia Brendan Lynch to complete the outlines and conditions of references to the proposed pact, focused on more than doubled two -sided trade to $ 500 billion by 2030 until 2030.
Although both parties set a deadline for the end of the first phase of the agreement by autumn (September-October) this year, the complicated nature of negotiations on the trade agreement can extend this process for years.
The government official said India was the only country where Trump-Lissionation contributed its team for business interviews.
The official expressed hope that India would be able to navigate another 27 % import obligation of the US announced since April 9.
“With the BTA in the pipeline we are in the zone that we should not obviously worry about these tariffs,” the clerk added.
Asked if there were problems as a part of the pact, the clerk said that BTA would have elements like any other business agreement.
“We are doing well,” the clerk added.
In the trade agreement, two countries either significantly reduce or eliminate duties on the maximum number of goods traded between them. They also facilitate standards to support trade in services and increase investment.
While the US demanded concessions in sectors such as certain industrial goods, cars, wines, petrochemical products, dairy products, agricultural items such as apples, nuts and hay; India can look at cuts for work -intensive industries such as textiles.
“India has the advantage of premature movement. They are deeply involved in the BTA. We are doing to it. Much work has been done. We are in front of a curve,” the clerk said.
In 2024, India’s Main Exports to the US Included Drug Formulations, Biological (USD 8.1 Billion), Telecom Instruments (USD 6.5 Billion), Precious and Semi-Precious Stones (USD 5.3 Billion), Petroleum Products (USD 4.1 Billion) (USD 3.2 Billion), Ready-Made Garmnts of Cotton Including Accessories (USD 2.8 Billion), and Products of Iron and Steel ($ 2.7 billion).
Imports included oil ($ 4.5 billion), oil products ($ 3.6 billion), coal, coke ($ 3.4 billion), reduction and polished diamonds ($ 2.6 billion), electric machines ($ 1.4 billion), aircraft, space crafts and parts ($ 1.3 billion) and gold ($ 1.3 billion USD).
In the years 2023-24, the US was the largest business partner in India with $ 119.71 billion bilateral stores ($ 77.51 billion exports, $ 42.19 billion, with 35.31 billion business surplus).
India received 67.8 billion foreign investment from America from April 2000 to September 2024.
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Business Newsnewsindiaindia, USA We want to speed up conversations for the proposed business agreementMoreLess (Tagstotranslate) India
