India Examines Implications of US Tariffs and Pursues Bilateral Trade Opportunities

The Indian Government is assessing the implications of President Trump’s tariffs, engaging stakeholders for feedback and exploring opportunities for enhanced trade relations. The discussions are aligned with the goals of bilateral trade expansion as outlined in the Mission 500 initiative, promoting collaboration in trade, investments, and technology transfers.

The Government of India is diligently examining the implications following United States President Donald Trump’s announcement of a 10% baseline tariff on goods from all nations and a reciprocal 27% tariff specifically on India. The Union commerce ministry is currently engaging with various stakeholders, including industry representatives and exporters, to gather insights and assessments regarding these tariffs, keeping in mind the vision of a developed India.

The government’s statement highlighted the significant initiative from Prime Minister Narendra Modi and President Trump, known as “Mission 500,” which aims to substantially increase bilateral trade to $500 billion by the year 2030. Additionally, ongoing discussions are focused on achieving a mutually beneficial Bilateral Trade Agreement, which encompasses various sectors and seeks to strengthen supply chain integration between India and the United States.

These negotiations aim to enhance trade, investment, and technology transfers between the two nations. The Indian government has expressed its commitment to remain in communication with the Trump Administration to make progress on these pivotal issues in the near future.

Furthermore, the Indian government reaffirmed the importance of its Comprehensive Global Strategic Partnership with the United States. India is dedicated to collaborative efforts under the India-US COMPACT framework, which targets opportunities within Military Partnership, Accelerated Commerce, and Technology for the 21st century, ensuring that the trade relations foster mutual prosperity and transformative impacts for both nations’ citizens.

In summary, the Government of India is closely monitoring the impacts of the new tariffs announced by President Trump while engaging stakeholders for their insights. The commitment to enhance bilateral trade through initiatives like “Mission 500” reflects the proactive approach aimed at achieving significant economic collaboration between India and the United States, ensuring mutual benefits in trade and strategic partnerships.

Original Source: www.hindustantimes.com