India and the US are progressing on a bilateral trade agreement to hit $500B by 2030. Officials met to discuss resolving tariffs on Indian goods and market access for US farm products, expressing optimism for a solution by year-end.
India and the US are making progress on their bilateral trade agreement, with Commerce Secretary Rajesh Agrawal meeting US Deputy Trade Representative Rick Switzer on Wednesday to discuss trade and economic ties. The two sides are working toward a mutually beneficial agreement to boost bilateral trade to $500 billion by 2030.
Department of Commerce under the Ministry of Commerce and Industry, Government of India on X posted, "Commerce Secretary Rajesh Agrawal met with U.S. Deputy Trade Representative Rick Switzer. The two sides exchanged views on matters related to India-US trade and economic ties, including on the ongoing negotiations for a mutually beneficial Bilateral Trade Agreement."
Key Negotiation Points
The talks are focused on resolving issues such as US tariffs on Indian goods, particularly textiles, chemicals, and food items like shrimp, imposed due to India's purchase of Russian oil. India is seeking relief from these tariffs, while the US is pushing for lower tariffs and non-tariff barriers on American goods and greater market access for farm products like soybeans and grain sorghum.
Broader Economic Discussions
Earlier in the day, Foreign Secretary Vikram Misri also met US Deputy Trade Representative Rick Switzer, with discussions covering the strong India-US economic and technology partnership, besides ongoing trade negotiations, and opportunities to boost two-way trade and resilient supply chains.
"Foreign Secretary Vikram Misri met U.S. Deputy Trade Representative Rick Switzer. Discussions covered the strong India-U.S. economic and technology partnership, ongoing trade negotiations, and opportunities to boost two-way trade and resilient supply chains," MEA Spokesperson Randhir Jaiswal wrote on X.
Rick Switzer is on a two-day visit to India from December 10 to 11.
Timeline and Outlook
Regarding the trade deal, several rounds of discussions have already taken place between both sides. On November 28, Commerce Secretary Rajesh Agarwal had expressed confidence at the FICCI Annual General Meeting, stating, "I think our expectations....we are very optimistic and very hopeful that we should find a solution within this calendar year."
"The talks have progressed substantially, though the original target of completing the first tranche by fall 2025 was delayed due to new developments in US trade policy, including tariffs imposed by President Donald Trump on Indian goods."
India's Broader Trade Strategy
India has already signed 14 Free Trade Agreements and six Preferential Trade Agreements with trading partners and is currently negotiating FTAs with several countries, including the European Union. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)