India and the US have determined to carry sectoral talks beneath the proposed bilateral commerce settlement (BTA) within the coming weeks, the commerce ministry stated on Saturday.
It was determined after the four-day negotiations of senior officers from India and the US. These negotiations ended on Saturday right here.
“Sectoral expert-level engagements beneath the BTA will begin just about within the coming weeks and pave the trail for an early negotiating spherical in particular person,” the ministry stated.
To be able to realise the shared goal of selling development that ensures equity, nationwide safety and job creation, either side have by means of 4 days of discussions right here broadly come to an understanding on the subsequent steps in direction of a mutually helpful, multi-sector BTA, with the objective to finalise its first tranche by fall 2025, it stated.
Throughout these discussions, the 2 sides held a productive change of views on deepening bilateral cooperation in precedence areas, together with growing market entry, decreasing tariff and non-tariff limitations and deepening provide chain integration in a mutually helpful method, it added.
A staff of US officers, headed by Assistant US Commerce Consultant for South and Central Asia Brendan Lynch, was right here for the negotiations.
The assembly follows the go to of Commerce and Industries Minister Piyush Goyal to Washington from March 4-6 throughout which he met his US Commerce Consultant Jamieson Greer and Commerce Secretary Howard Lutnick and subsequent video conferences between the 2 sides.
“The profitable conclusion of the discussions displays progress in efforts to develop India-US bilateral commerce and funding relations to advertise prosperity, safety and innovation in each the nations,” the ministry stated.
These steps are designed to unlock new alternatives for companies, drive bilateral financial integration, and reinforce the financial partnership between the 2 buying and selling companions.
“India and the US expressed satisfaction with the outcomes of the assembly and reaffirmed their dedication to ongoing collaboration. Either side stay up for constructing on this milestone within the coming months to finalise the BTA, guaranteeing it aligns with the shared targets of prosperity, resilience, and mutual profit,” it added.
On Friday, US President Donald Trump described Prime Minister Narendra Modi as a “very good man” and a “nice pal of mine” whereas emphasising that tariff talks would “work out very properly between India and our nation”.
The remarks assume significance since Trump has repeatedly criticised the alleged excessive tariffs charged by India and different nations on American items. He has introduced plans to impose reciprocal tariffs on its key buying and selling companions, together with India, on April 2.
“India is among the highest tariffing nations on the planet. It is brutal, it is brutal. They’re very good. He (Modi) is a really good man and an amazing pal of mine. We had superb talks. I believe it may work out very properly between India and our nation,” Trump stated.
India and the US are aiming to conclude the primary section of the settlement by the autumn of 2025 (September-October). They’ve additionally set a goal to greater than double bilateral commerce to USD 500 billion by 2030 from the present over USD 190 billion.
Whereas the US has demanded obligation concessions in sectors like sure industrial items, cars, wines, petrochemical merchandise, dairy, agriculture objects comparable to apples, tree nuts, and alfalfa hay; India could have a look at obligation cuts for labour-intensive sectors like textiles.
Indian trade and exporters have requested the federal government to guard them towards the USA’s reciprocal tariffs. They’ve sought exemption from these tariffs as it might harm them severely because the US is India’s largest buying and selling companion.
The US is pushing India to barter a big and grand bilateral commerce settlement whereas in search of to open the agriculture sector for American companies.
In keeping with consultants, India is unlikely to incorporate dairy and agriculture in commerce negotiations as it’s a politically delicate sector.
The US agri exports to India was USD 1.6 billion in 2024. Key exports embrace almonds (in shell — USD 868 million); pistachios (USD 121 million), apples (USD 21 million), ethanol (ethyl alcohol USD 266 million).
In June 2023, India introduced removing of retaliatory import duties on eight US merchandise, together with chickpeas, lentils, and apples, which have been imposed in 2019 in response to America’s measure to extend tariffs on sure metal and aluminium merchandise.
In 2024, India’s major exports to the US included drug formulations, organic (USD 8.1 billion), telecom devices (USD 6.5 billion), valuable and semi-precious stones (USD 5.3 billion), petroleum merchandise (USD 4.1 billion), gold and different valuable steel jewelry (USD 3.2 billion), ready-made clothes of cotton together with equipment (USD 2.8 billion), and merchandise of iron and metal (USD 2.7 billion).
Imports included crude oil (USD 4.5 billion), petroleum merchandise (USD 3.6 billion), coal, coke (USD 3.4 billion), reduce and polished diamonds (USD 2.6 billion), electrical equipment (USD 1.4 billion), plane, area crafts and elements (USD 1.3 billion), and gold (USD 1.3 billion). In 2023-24, the US was the biggest buying and selling companion of India with USD 119.71 billion bilateral commerce in items (USD 77.51 billion price of exports, USD 42.19 billion of imports, with USD 35.31 billion commerce surplus).
India has obtained USD 67.8 billion in overseas direct investments from America throughout April 2000 and September 2024.
