India and the US are working to finalise an interim trade pact by fall 2025 as negotiators prepare for talks in Washington amid Trump's reciprocal tariff warnings
India is trying to negotiate and finalize a trade agreement with the US, Special Secretary in the Department of Commerce Rajesh Agrawal said on Thursday. Agrawal is also the chief negotiator of the proposed India-US bilateral trade agreement. The aim is to conclude the first phase of this pact by fall (September-October) of this year. Before that, the two countries are looking to finalise an interim trade agreement. Agrawal said that India has so far implemented more than 14 Free Trade Agreements (FTAs) with 26 countries. "Now we are integrating with major markets also... we just concluded an agreement with the UK, we are in an advanced stage of negotiations with the European Union, we are trying to negotiate and finalize a deal with the USA," he said here at an event on export logistics. India, he said, is also negotiating trade pacts with Latin American countries including Chile and Peru. "We have done (trade pact) with Australia and UAE. We are in negotiations with New Zealand
The push comes as Trump announced an agreement with Vietnam that cuts US tariffs on many Vietnamese goods to 20 per cent from his previously threatened 46 per cent
The talks are still ongoing and there's no clarity if the Trump administration has agreed to a three-stage process for a trade deal
India's proposal to impose retaliatory import duty on certain US products in response to American tariffs on steel and aluminium could cast a shadow over ongoing negotiations for a trade agreement between the two countries, think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that if the US engages in consultations with India on the matter or withdraws tariffs, a resolution may be reached. Otherwise, India's retaliatory import duties could take effect in early June, potentially impacting US exporters and deepening trade frictions, it added. In a significant move targeting US safeguard duties on steel, aluminium, and their derivative products, India has formally notified the World Trade Organisation (WTO) of its intention to suspend trade concessions granted to the US. The proposed suspension of concessions could take the form of increased tariffs on selected US products. While India has not disclosed those items yet, in a similar move in 2019, it had ..
India should take cues from the US-UK trade pact and exercise caution while negotiating an agreement with America to ensure that the deal is reciprocal, balanced, and not driven solely by political considerations, economic think tank GTRI said on Saturday. The limited trade deal announced between the US and UK on May 8 offers clues about the kind of trade arrangements Washington may pursue with other major partners, most notably India, the Global Trade Research Initiative (GTRI) said. A closer look reveals that while the UK has made sweeping tariff concessions to America, the US has offered far less in return, it added. "If the UK-US deal sets the template, India can expect growing US pressure to finalise a mini-deal of its own - focused on tariff cuts and key strategic commitments rather than a full free trade agreement (FTA) that may come much later," the think tank said. It also cautioned that India may be asked to reduce tariffs on a basket of sensitive agricultural products, .
India has offered preferential access to nearly 90% of goods imported from the United States, including the reduced tariffs, one of the two officials said
India has already made a number of offers and pre-emptive concessions to the US on trade, showing itself more eager than several other big US trading partners
India and the United States agreed in February to work on the first phase of a trade deal to be concluded late this year, with a view to reaching two-way trade worth $500 billion by 2030
Unlike China, Canada and the EU, India is actively seeking to appease the Trump administration and is open to cutting tariffs on over half of US imports worth $23 billion
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
Modi is preparing additional tariff cuts ahead of his meeting with Trump that could boost American exports to India and avoid a potential trade war, government officials said
India and the US have inked an agreement to enhance cooperation in cybercrime investigations, according to the Ministry of External Affairs (MEA). The signing of the pact comes days before the Biden administration hands over charge to the Trump administration. The Memorandum of Understanding (MoU) was signed in Washington DC on Friday by Indian Ambassador Vinay Kwatra and Acting US Deputy Secretary of Homeland Security (DHS) Kristie Canegallo, the MEA said. It said the agreement allows the respective agencies of the two countries to step up the level of cooperation and training with respect to the use of cyber threat intelligence and digital forensics in criminal investigations. From India, the Indian Cybercrime Coordination Centre (I4C) of the Home Ministry is responsible for the execution of the MoU. On the US side, the DHS and its constituent agencies US Immigration and Customs Enforcement and Homeland Security Investigations Cyber Crimes Center are tasked with implementing the
About ties with India, Hankey said the number of Indian students going to the US has gone up since 2008
Goyal, speaking at Center for Strategic and International Studies in Washington after signing, described the MOU as a multi-dimensional partnership that would include open supply chains for materials
The issue of transferring the trial out of Uttar Pradesh would be considered if the need arises in future. Stay tuned for Latest LIVE news
Govt had earlier criticised free trade deals for boosting cheap imports into the country
Commerce Minister Piyush Goyal says India is willing to have an 'early harvest trade deal' with the US for 50-100 export products and services
The agreement will not allow stationing of troops in each other's bases
Defence ministry officials may choose to sign only a pact on logistics sharing during US Defence Secretary Ashton Carter's 3-day visit to India