New Delhi, April 15 (PTI) India decided to walk through the liberalization of trade with the United States, and both countries are negotiating a bilateral trade agreement (BTA), which are expected to start personal interviews next month, higher government officials said on Tuesday.
India and the US are starting to negotiate in virtual mode of this week. They also confined and signed the reference conditions (TOR) for the pact.
Since March, India and the US have been dealing with bilateral trade agreements (BTA). Both sides targeted the first phase of the Pact in the autumn (September-October) of this year, with the aim of more than double two-sided trade at $ 500 billion by 2030 ZV of about $ 191 billion.
Negotiations of different groups of songs for the Pact will start practically this week.
“We hope to get into a physical way of negotiation, may be in the second half of May. So we are on the plan in terms of BTA and its actions,” another secretary at the Ministry of Commerce Rajesh Agrawal told reporters. It is also the main negotiator of India for this pact.
The trade, the Minister of Trade Sunil Barthwal, said the agreement, if completed, opened up huge opportunities for both Indian and American companies.
“… There are concerns and opportunities for India when it comes to current tariffs (globally). India has already taken a way where we are going to liberalize the US trade.
“Negotiations are going on and we set out on the way of trade liberalization and BTA. So if we go for this journey, then I think that not only the Indian business with the US will grow … it will also open up opportunities for India and also for us, he said.”
Barthwal added that both countries will obtain from this BTA, and this is the assumption that these trade agreements are completed and negotiated.
He said that Indian trade in countries reduces examples of Indian trading pacts with Australia and SAE.
“So I expect many opportunities to come and there will be a higher business with the US in case the BTA would take place,” Barthwal said.
India, he also said, he also examines non -tariff barriers and tariff barriers in the agreement. If these barriers are reduced by both sides, it will lead to higher trade growth for US and India.
He added that “We will try to ensure that these negotiations be closed with the US as quickly as possible.
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, agricultural objects such as apples, tree matrix and alphance 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 2023-24, the US was the largest Indian business partner.
The US represents approximately 18 % of total exports between Indian goods, 6.22 % in imports and 10.73 % in bilateral trade.
With America, India had a trade surplus (difference between import and export) of $ 35.32 billion in $ 2023-24. It was $ 27.7 billion in the years 2022-23, $ 32.85 billion in the years 2021-22, $ 22.73 billion in the years 2020-21 and $ 17.26 billion in 2019-2020.
In 2024, the main Indian exports to the US belonged to drug formulations and biological substances ($ 8.1 billion), telecommunications tools ($ 6.5 billion), rare and semi -precious stones ($ 5.3 billion), oil products (USD 2.8 billion), including 2.8 billion) including 2.8 billion), including 2.8 billion), including 2.1 billion. iron and steel ($ 2.7 billion).
Imports included oil ($ 4.5 billion), petroleum products ($ 3.6 billion), coal, coke ($ 3.4 billion), reduction and polished diamonds ($ 2.6 billion), electric machines ($ 1.4 billion), aircraft, cosmic assembly and parts ($ 1.3 billion).
(Tagstotranslate) India
