Prime Minister Modi and President Trump have agreed to designate representatives to negotiate a Bilateral Trade Agreement, focusing on reducing tariffs and increasing market access. This follows Trump’s criticisms of India’s high tariffs. The target is to double trade and finalize negotiations by fall 2025.
Prime Minister Narendra Modi of India and President Donald Trump of the United States have reportedly agreed to appoint representatives for negotiations on a Bilateral Trade Agreement (BTA) that aims to benefit both nations across various sectors. The focus will be on enhancing market access, decreasing tariff and non-tariff barriers, and improving supply chain integration.
During Prime Minister Modi’s recent visit to Washington, India and the U.S. declared their intention to double bilateral trade and initiate discussions on the first phase of the BTA, targeting completion by fall 2025. This initiative coincides with President Trump’s assertions regarding India’s tariff policies, which he claims restrict U.S. market entry.
President Trump has emphasized that India charges exorbitant tariffs, stating, “Our country, from an economic standpoint… has been absolutely ripped off by almost every country in the world. India charges us massive tariffs… it’s almost restrictive.” He announced that India has shown willingness to significantly reduce tariffs, suggesting that increased transparency is prompting this concession.
In a recent address, Trump reiterated his criticisms of high tariffs imposed by India, describing them as “very unfair” to American exporters. Furthermore, he indicated that reciprocal tariffs on countries imposing levies on U.S. goods would commence on April 2. Commerce and Industry Minister Piyush Goyal recently concluded discussions in Washington with U.S. officials, including U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, focusing on trade relations.
The negotiations for a Bilateral Trade Agreement between India and the United States reflect a strategic move to enhance trade relations amid existing tariff disputes. With both countries aiming to boost bilateral commerce and address tariff barriers, the upcoming discussions may lead to significant economic developments. The commitment to a mutually beneficial agreement underscores the importance of cooperation in addressing trade challenges.
Original Source: www.livemint.com
