Both sides hope to finalise the first tranche of the agreement by the fall of 2025
With elections likely later this year, and given India's influence in the Indo-Pacific, a trade deal is important for the island nation, even more given the turmoil in global trade
It is learnt that the discussions will hammer out the details of the proposed BTA, with the aim to finalise the contours of the deal. Lynch is also the chief negotiator for the BTA
The committee also recommended that the commerce department should 'proactively' take measures to conclude the FTAs
Both sides are aiming to finalise the first tranche of a "mutually beneficial" deal by the fall of 2025
Data released by the commerce department on Monday showed that outbound shipments from India shrank at the sharpest pace in 20 months-by 10.9 per cent on-year--to $36.91 billion in Feb
But MSMEs fear escalation in domestic prices, call for import quota
Long-drawn negotiations that take years often result in businesses losing interest in trade talks. However, focusing on core trade issues can help India navigate complex negotiations more efficiently
Goyal said that there are hardly any areas where both countries compete. However, there are a few areas of sensitivity, but they can be navigated with mutual respect
Imports also see first drop in 11 months, bringing trade deficit to over 3-yr low
Barthwal said govt is carrying out stakeholder consultations and assessing challenges, opportunities, and the broader impact of the additional tariffs imposed by the US on Indian exports
The announcement coincides with New Zealand Prime Minister Christopher Luxon's visit to India
Goyal met key officials of the Donald Trump-led administration in Washington last week, including Greer, and his counterpart Howard Lutnick to discuss urgent trade issues
Reflecting on the changing global scenario, the minister has assured all export promotion councils that the government is working on an overtime basis
While large steel players that produce carbon steel products may not see any major impact, since exports of such products is limited
Steel fasteners are critical for stability, durability, and safety across various industrial sectors
This could be the Commerce minister's second visit to US in less than a month
Exporters are seeing the worrying trend of holding back orders due to anticipation of the fear of reciprocal tariffs by the US
New Delhi working on ways to reduce average applied tariff
US commerce secy says agri can't be off the table for talks