MoS Commerce in Rajya Sabha: India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties

Strap:
 
Surabhi
 
As the three-day talks between India and the US on a bilateral trade settlement proceed, Minister of State of Commerce and Trade Jitin Prasada knowledgeable Parliament that the Authorities of India continues to engage with the Authorities of the United States to achieve enhancement and broadening of bilateral trade ties in a mutually helpful and truthful method.
 
In response to an unstarred query in Rajya Sabha on Friday, he mentioned that the affect of the further duties on metal and aluminium imports by the US continues to be being evaluated.
 
“The affect of these duties that are an enhancement over current further duties is being intently evaluated due to the incontrovertible fact that there are not any exemptions as in contrast to exemptions earlier to sure main exporting nations in this sector,” he mentioned.
 
Prasad additionally famous that the joint assertion on February 13, 2025, following PM Narendra Modi’s go to to the US has reaffirmed each the nations, reaffirming their dedication to deepening financial ties and double India-US trade to $ 500 billion by 2030.
 
“Each nations have dedicated to negotiate a mutually helpful, multi-sector Bilateral Trade Settlement beneath which the nations would give attention to rising market entry, lowering tariff and non-tariff obstacles, enhancing provide chain integration and resolving key trade points bilaterally,” the minister mentioned.
 
On Friday, India and US have continued discussions on the contours of the bilateral trade settlement and parleys are anticipated to go on till late night. Forward of the reciprocal tariffs introduced by the US from April 2, India is eager on finalising the contours of the trade pact and is keen to lower duties on a number of gadgets together with cars, bikes, bourbon whiskey, medical units in addition to agricultural produce comparable to walnuts and pistachios. The US, nevertheless, is known to be eager on extra entry for its agricultural produce.

Sources indicated that at current, the goal of the talks is to talk about tariffs and broad areas the place they are often lowered with the final purpose of having the first instalment of the trade pact last in the coming months. “It could be virtually inconceivable to finalise the trade negotiation at current. Each nations may have to take inputs from their respective stakeholders on the proposed give and take,” famous an individual acquainted with the growth.
 
They identified that India in current months has already demonstrated that it’s keen to lower tariffs and has lower tariffs on a number of US items in the Finances and later as properly.
 
There was no official assertion from India and the US on the state of the negotiations at current. Nonetheless, commerce and business minister Piyush Goyal had on Thursday mentioned the ongoing trade negotiations with the US are shifting positively and are “progressing properly”.
 
A staff of officers from the US led by Assistant US Trade Consultant for South and Central Asia Brendan Lynch, alongside with a staff of US authorities officers, are visiting India from March 25-29.
 
A report by Barclays estimated that about $ 22 billion of India’s exports or 30% of exports to the US and 5% of complete items exports are most in danger. “Given shut trade ties, we anticipate India to undertake a conciliatory tone on choose tariffs and additionally tackle some non-tariff obstacles,” mentioned a word by Aastha Gudwani, India Chief Economist, Barclays.