India and US Engage in Talks Over Tariffs and Bilateral Trade Agreement

India and the United States are discussing reciprocal tariffs and a Bilateral Trade Agreement (BTA). Commerce Minister Piyush Goyal and USTR Jamieson Greer are focusing on market access and tariff barriers ahead of U.S. tariffs commencing on April 2. There is a mutual goal to finalize the BTA within seven to eight months, balancing India’s sensitivities with U.S. demands.

India and the United States are currently engaged in discussions regarding reciprocal tariffs and the first phase of their Bilateral Trade Agreement (BTA). Indian Commerce and Industry Minister Piyush Goyal recently met with United States Trade Representative (USTR) Jamieson Greer, focusing on reciprocal trade and the implications of U.S. tariffs set to take effect on April 2.

The USTR’s social media platform reported, “Ambassador Jamieson Greer had a productive meeting with the Indian Minister of Commerce and Industry… They have since continued to have engaging conversations on reciprocal trade, expanding market access, and President Trump’s America First Trade Policy.”

Minister Goyal characterized their discussions as “forward looking” and emphasized that the BTA would be guided by principles such as ‘India First’ and ‘Viksit Bharat’, reflecting the two nations’ Comprehensive Strategic Partnership. This was the first official confirmation of their meeting, following Goyal’s earlier talks with U.S. officials including Commerce Secretary Howard Lutnick.

In a prior joint statement, Prime Minister Narendra Modi and President Trump expressed their commitment to finalize the first phase of a mutually beneficial BTA within seven to eight months. The agreement seeks to improve market access, lower tariff and non-tariff barriers, and integrate supply chains between the two nations.

Additionally, India is expediting its proposals for the BTA, attempting to balance local sensitivities with U.S. demands. The Indian government is preparing a list of goods for potential tariff reductions to counteract the impact of U.S. reciprocal tariffs. Recently, President Trump indicated that India had agreed to make tariff cuts but refrained from granting exemptions from reciprocal tariffs, as India’s high tariff structure complicates negotiations.

In conclusion, India and the United States are actively negotiating reciprocal tariffs and the first phase of their Bilateral Trade Agreement. Discussions led by Minister Piyush Goyal and USTR Jamieson Greer have focused on enhancing market access and addressing trade hurdles as both nations aim to finalize the BTA within the upcoming months. Despite challenges regarding tariff reductions and special treatment, both countries remain intent on strengthening their trade relationship.

Original Source: www.business-standard.com