India-US trade topic will be conducted in three days of high-level trade negotiations in Washington between April 23 to advance their mooted bilateral trade agreement (BTA). The talks will be on the significant Terms of Reference (TOR) addressing 19 critical chapters such as regulation of tariffs, non-tariff barriers, rules of origin, facilitation through customs and trade in goods and services.
Indian team to be led by Rajesh Agarwal
The Indian team is led by Rajesh Agarwal, Additional Secretary, Department of Commerce, newly named as the next Commerce Secretary. The negotiations are the first direct meeting between the two nations’ negotiators and are intended to finalize a common framework and schedule for an agreement within the 90-day tariff pause announced earlier by the Trump administration.
Both countries have ambitious aspirations, including reduction or elimination of customs charges on a wide range of products and the easing of requirements to expand trade in services and investment. The overall target is to ensure that the BTA results in a “win-win” opportunity for both sides.
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Focus on regional interests
America wants reduced tariffs for certain sectors such as cars, electric vehicles, wine, petrochemicals and agriculture items. India wishes concessions for areas such as garment manufacturing, diamonds, leather products and horticulture exports with a view to expanding its factory base and export opportunities.
Trade milestones
India and the US have been good trade partners, with the US accounting for nearly 20% of India’s total exports. India’s exports to the US went up by 11.6% to $86.51 billion and imports went up by 7.44% to $45.33 billion during FY 2024-25. The target for bilateral trade is doubling the figures and hitting $500 billion by 2030.
Building economic relations
This second phase of negotiations is significant to resolve core issues and accelerate progress towards an overall trade agreement. Emphasizing fair and equitable trade practices, negotiations are likely to enhance economic relations and set the platform for sustained cooperation between the two countries.
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