New Delhi, April 23 (PTI) Indian and American officials will start negotiations on the proposed two -sided trade agreement in Washington, Washington on Wednesday to iron problems and complaints to negotiate.
The US said an agreement with India will help open new markets for US goods and create new opportunities for workers, farmers and entrepreneurs in both countries.
According to the US sales representative, the United States concerns growing access to the market, reducing tariffs and non -tariff barriers, and negotiating a robust set of other obligations to ensure long -term benefits.
The US has several opportunities marked with concerns about expanding a business deficit with India, which is $ 45.7 billion in $ 2024. This would observe this deficit with India through BTA.
Both completed the conditions of the reference (TOR) for the agreement.
Three -day conversations assume significance because the US suspended tariffs for 90 days.
Tors covers around 19 chapters, such as tariffs, non -tariff barriers and customs facilitating.
The official stated that these interviews would lead to a formal commencement of negotiations on the bilateral trade agreement (BTA).
The main negotiator of India, another secretary of the Ministry of Commerce Rajesh Agrawal, leads the team for the first personal conversations between the two countries.
15th April Trade Minister Sunil Barthwal said India would try to close negotiations with the US as quickly as possible.
India and the US have been dealing with the negotiations of bilateral trade agreements since March. Both sides targeted the first phase of the Pact until autumn (September-October) this year, with the aim of more than twice the two-sided trade by 2030 by 2030, at the moment of about 191 billion USD.
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 is looking at concessions on duties in sectors such as certain industrial goods, cars (especially electric vehicles), wines, petrochemical products, dairy products and agricultural objects such as apples, nuts and hay; India can look at cuts for industry -intensive industries such as clothing, textiles, gems and jewelry, leather, plastics, chemicals, oil seeds, shrimp and gardening products.
From 2021-22 to 2024-25, the US has been the largest Indian business partner.
In the last fiscal export of Indian exports to the US, it increased by $ 11.6 % to $ 86.51 billion compared to $ 77.52 billion in USD 2023-24.
Imports increased by $ 7.44 % in the years 2024-25 to $ 45.33 billion compared to $ 42.2 billion in the years 2023-24.
With America, India had a trade surplus (difference between import and export) $ 41.18 billion in goods in goods in 2024-25.
America represented almost 19.78 % of total exports of India and 6.29 % of total imports.
(Tagstotranslate) bilateral business agreement
