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Minister of State for Commerce and Industry Jitin Prasada told Parliament on Tuesday that India and the US are working towards increasing market access, lowering import duties and non-tariff barriers, and boosting supply chain integration as part of the proposed trade agreement.
In a written reply to the Lok Sabha, Prasada also mentioned that as of date, US reciprocal tariffs have not been imposed on India, the deadline for which is April 2.
Jitin Prasada's reply in the Lok Sabha comes as the US officials will visit India from March 25-29 to hold talks over a bilateral trade agreement. The remarks also come at a time when US President Donald Trump's April 2 reciprocal tariff deadline looms over nations imposing "high tariffs."
The minister told Parliament that the government continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a "mutually beneficial and fair manner."
On March 21, Prasada informed the Rajya Sabha about the Trump administration's additional 25 per cent tariffs on steel and aluminium imports applied to all countries. However, no specific or reciprocal tariffs have been imposed on India as of now, he said.
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Improving ties
According to a Bloomberg report, the government will try to seek an exemption from Trump's reciprocal tariffs as US officials arrive in India for talks over a bilateral trade agreement.
In a statement, the Ministry of Commerce and Industry said, "We look forward to productive and constructive discussions with the incoming US delegation to expand and deepen our bilateral trade and economic ties in a mutually beneficial manner."
Earlier today, a Reuters report citing sources suggested that the Indian government is considering cutting tariffs on over half of US imports worth $23 billion. In the first phase of a trade deal, where the two nations are negotiating the cuts aimed at fending off reciprocal tariffs, India is open to reducing tariffs on over 55 per cent of goods imported from the US.
(with inputs from agencies)
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