New Delhi [India], May 21 (ANI): India and the United States are poised to signal the primary tranche of the much-anticipated Bilateral Trade Agreement (BTA) earlier than July, in keeping with sources who spoke to ANI.
Commerce and Industry Minister Piyush Goyal is at the moment within the United States, main negotiations with American officers.
“Good discussions with Secretary Howard Lutnick in direction of expediting the primary tranche of India-US Bilateral Trade Agreement,” Minister Goyal posted on social media platform X yesterday, signalling optimistic momentum within the talks.
Sources revealed {that a} spherical of conferences with the United States Trade Representative has already concluded.
Officials from each nations have mentioned numerous points associated to items commerce, with India pushing for concessions on labour-intensive exports comparable to leather-based and textiles.
Service sector points have additionally featured prominently within the discussions.
“We wish to improve our exports and protect what we’re already exporting,” a supply acquainted with the negotiations instructed ANI. “The BTA with the US shall be a win-win deal for each nations.”
The sources indicated that India stays protecting of delicate sectors, significantly agriculture and dairy merchandise.
A key Indian demand is a full exemption from the 26 per cent tariff imposed on sure items.
“Negotiations are continuing on a really optimistic observe, and we anticipate to conclude the settlement earlier than the sundown clause set by the US, which expires on July 8,” one of many sources added.
The India-US commerce deal would mark a major milestone in financial relations between the world’s largest and fifth-largest economies, doubtlessly opening new avenues for bilateral commerce and funding.
For the fourth consecutive yr in 2024-25, the US was India’s largest buying and selling companion, with bilateral commerce valued at USD 131.84 billion. India had a commerce surplus of USD 41.18 billion in items in 2024-25.
During the latest assembly between President Donald Trump and Prime Minister Narendra Modi in Fenruary, the 2 leaders resolved to increase commerce and funding to make their residents extra affluent, nations stronger, economies extra modern, and provide chains extra resilient.
They resolved to deepen the US-India commerce relationship to advertise development that ensures equity, nationwide safety and job creation. To this finish, the leaders set a daring new purpose for bilateral commerce – “Mission 500” – aiming to greater than double complete bilateral commerce to USD 500 billion by 2030.
Beyond the US talks, sources talked about that commerce negotiations with the European Union are additionally underway, they usually anticipate an early harvest.
Sources mentioned commerce negotiations between India and the European Union are progressing sooner, and each side are contemplating concluding the talks for an early harvest commerce settlement this yr.The Indian official staff from the Commerce Ministry shall be in Brussels this week for the following spherical of negotiations on the commerce settlement with the EU. (ANI)
(The story has come from a syndicated feed and has not been edited by OXBIG NEWS NETWORK Staff.)
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