India to move forward on trade liberalisation with US, signs deal terms, say officials
The two countries will begin virtual discussions on the trade deal this month, with the next round of in-person talks scheduled for mid-May
India has decided to move forward on trade liberalisation with the United States, commerce secretary Sunil Barthwal said on Tuesday, as both sides signed the terms of reference for the initial phase of a bilateral trade agreement.
In February, India and the US agreed to begin work on the first phase of a trade deal, aiming to conclude it by the end of this year and boost bilateral trade to $500 billion by 2030.
“India has decided to go for a path of trade liberalisation with the US,” commerce secretary Sunil Barthwal told reporters.
The two countries will begin virtual discussions on the trade deal this month, with the next round of in-person talks scheduled for mid-May, said Rajesh Agrawal, additional secretary in the commerce ministry.
US President Donald Trump on Wednesday announced a 90-day pause on most tariff hikes for key trading partners, including India, while increasing duties on China, offering temporary relief to Indian exporters.
Prime Minister Narendra Modi was among the first global leaders to visit Washington and engage in discussions with Donald Trump after his return to the White House. Despite this, the US President has consistently referred to India as a “tariff abuser” and the “tariff king”.
During Modi’s visit to the United States in February, both countries agreed to initiate discussions aimed at finalising a trade agreement at the earliest and resolving the ongoing differences over tariffs.
The United States currently faces a trade deficit of $45.6 billion with India.
To improve bilateral trade ties and address concerns, India has undertaken several measures to appeal to Trump, including a commitment to increase purchases of American defence and energy products.
Union minister Piyush Goyal recently said India will not be pressured into any deal, stressing that the country will prioritise the interests of its people.
With Reuters inputs
