After almost year-long negotiations, India and the United States finally reached a trade understanding which was welcomed by the US Chamber of Commerce President and CEO Suzanne P. Clark, who said that the development will benefit companies of both the countries.
She said that the chamber looks forward to reviewing the details of the deal and that they are optimistic that the deal announcements are a first step towards a “comprehensive trade agreement”.
Track live updates of India-US trade deal here.
“We congratulate the U.S. and Indian governments on their announcement to reduce tariffs and non-tariff barriers that will benefit American and Indian companies and workers in both great nations. We appreciate the efforts of President Trump and Prime Minister Modi, and their officials, including Ambassadors Kwatra and Gor,” Clark said.
Also read: India tariffs at 18% now: US trade deal sealed after a year of talks
“We are optimistic that this is the first step toward a comprehensive trade agreement that will unlock even more private sector collaboration, and we look forward to reviewing the details of the deal,” she added.
{{/usCountry}}“We are optimistic that this is the first step toward a comprehensive trade agreement that will unlock even more private sector collaboration, and we look forward to reviewing the details of the deal,” she added.
{{/usCountry}}Clark, who had visited India last year for meetings with Indian officials and businesses, said that the chamber would partner with governments of both the nations to implement the trade deal.
“The Chamber, our U.S.-India Business Council, and our members are strong champions of this effort, and we look forward to partnering with both governments to implement today’s announcement,” she said.
Also read: 500 billion dollar deal, no Russian oil, 18% tariffs: Inside India-US trade deal
India-US trade deal
US President Donald Trump announced the trade deal through a post on Truth Social and said that the India exports to the US will now face a much lesser tariff of 18 per cent and claimed that India has agreed to stop buying oil from Russia which, he said, would help stop the war in Ukraine. Trump also claimed that India will buy over $500 billion in US goods and will reduce tariffs and non-tariff barriers to zero.
While PM Modi confirmed the lowering of tariffs on India goods, he shied away from mentioning whether India would stop purchase of Russian oil in his social media post. PM Modi thanked Trump on behalf of 1.4 billion Indians and said, “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation”.