India and US Collaborate on Trade Agreement to Boost Market Access and Reduce Tariffs
India and the US are negotiating to enhance market access and lower import duties as part of a proposed trade agreement. Minister Jitin Prasada stated that no US reciprocal tariffs on India have been imposed yet, and discussions will take place from March 25-29. Reports suggest India may reduce tariffs on over half of US imports.
Jitin Prasada, the Minister of State for Commerce and Industry, announced in Parliament that India and the United States are committed to enhancing market access and reducing both import duties and non-tariff barriers. These efforts are part of the ongoing trade negotiations aimed at strengthening supply chain integration and bilateral trade relations.
In his written reply to the Lok Sabha, Prasada highlighted that as of now, the US has not imposed any reciprocal tariffs on India, with a critical deadline approaching on April 2. This announcement coincides with plans for US officials to visit India from March 25-29 to discuss the bilateral trade agreement.
During his address, Prasada reassured that the Indian government is continuously engaging with US counterparts to enhance bilateral trade ties in a fair and mutually beneficial framework. He also noted the imposition of additional 25% tariffs by the Trump administration on steel and aluminum imports affecting all countries but confirmed that no specific tariffs on India have been enacted thus far.
A Bloomberg report indicated that India seeks an exemption from the upcoming reciprocal tariffs during discussions with the US delegation. The Ministry of Commerce and Industry expressed optimism, stating, “We look forward to productive and constructive discussions to expand and deepen our bilateral trade and economic ties in a mutually beneficial manner.” Additionally, reports emerged that India is contemplating reducing tariffs on over half of the US imports valued at $23 billion in an initial step towards a trade agreement.
In conclusion, India and the US are actively working towards a trade agreement that focuses on lowering tariffs and enhancing market access. Jitin Prasada’s statements in Parliament underline the ongoing discussions aimed at strengthening bilateral relations and supply chain integration. Furthermore, India’s openness to reduce tariffs on a significant portion of US goods illustrates a commitment to fostering mutually beneficial trade ties amidst the imminent tariff deadlines.
Original Source: www.business-standard.com
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