Highly-placed sources have defended New Delhi's decision to drastically lower tariffs as part of the nation's larger efforts to advance trade ties with developed nations via bilateral agreements, especially as the US President donald trump data-faces a deadline of april 2 to impose reciprocal tariffs on India.
Under a number of bilateral trade agreements, india has previously lowered its average applicable tariffs to nations including Australia, the United Arab Emirates, Switzerland, and Norway. Discussions for such accords with the european union and the united kingdom are presently under progress.
According to the sources, the continuing talks between the US and india to lower applicable tariffs should be viewed in this light rather than in light of Trump's impending deadline.
Under a number of bilateral trade agreements, india has previously lowered its average applicable tariffs to nations including Australia, the United Arab Emirates, Switzerland, and Norway. Discussions for such accords with the european union and the united kingdom are presently under progress.
According to the sources, the continuing talks between the US and india to lower applicable tariffs should be viewed in this light rather than in light of Trump's impending deadline.
The united states has reportedly requested that india abolish tariffs on almost all goods, with the exception of agricultural products. In exchange for no concessions, New delhi would have to give up its trade safeguards if the demand were approved.
With bilateral trade hitting a record $118.2 billion in the most recent fiscal year, the US is India's biggest trading partner.
With a long-term goal of $500 billion in bilateral trade by 2030, the two countries decided last month to negotiate the first tranche of a mutually advantageous multi-sector Bilateral Trade Agreement (BTA) by the end of this year.
With bilateral trade hitting a record $118.2 billion in the most recent fiscal year, the US is India's biggest trading partner.
With a long-term goal of $500 billion in bilateral trade by 2030, the two countries decided last month to negotiate the first tranche of a mutually advantageous multi-sector Bilateral Trade Agreement (BTA) by the end of this year.
During the latter's visit to Washington in early February, President trump and prime minister Narendra Modi approved this.
In order to further supply chain integration, both leaders also decided to appoint top delegates to lead the talks and seek to expand market access while lowering tariff and non-tariff obstacles.
Thus, from march 3 to 6, an indian delegation headed by Union Commerce minister Piyish Goyal traveled to Washington. The delegation met with US Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick during the trip.
A modest trade agreement between Washington and New delhi was also discussed during the first trump administration.
In order to further supply chain integration, both leaders also decided to appoint top delegates to lead the talks and seek to expand market access while lowering tariff and non-tariff obstacles.
Thus, from march 3 to 6, an indian delegation headed by Union Commerce minister Piyish Goyal traveled to Washington. The delegation met with US Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick during the trip.
A modest trade agreement between Washington and New delhi was also discussed during the first trump administration.
However, the discussions produced no results for a variety of reasons.
Policymakers and companies in india are attempting to prevent the damage as the april 2 deadline approaches. According to multiple reports, the Center is thinking about lowering tariffs on important US imports.
In order to maintain commercial continuity, companies from a variety of industries are also interacting with American partners.
Policymakers and companies in india are attempting to prevent the damage as the april 2 deadline approaches. According to multiple reports, the Center is thinking about lowering tariffs on important US imports.
In order to maintain commercial continuity, companies from a variety of industries are also interacting with American partners.