India and US Eye Trade Expansion with Multi-Sector Agreement
India and the US are set to negotiate a comprehensive trade agreement focused on enhancing market access and reducing tariffs. With bilateral trade in 2023 reaching $190 billion, both nations aim to double commerce by 2030. Talks continue as no tariffs have been imposed yet.
- Country:
- India
India and the United States are entering negotiations for a comprehensive trade agreement aimed at boosting market access and lowering both tariff and non-tariff barriers, Parliament learned on Tuesday.
Minister of State for Commerce and Industry Jitin Prasada informed the Lok Sabha that the United States has not yet imposed reciprocal tariffs on India. The plan entails a mutually beneficial agreement covering multiple sectors, with expectations to integrate supply chains more effectively.
The US issued a memorandum on February 13 directing the US Commerce Secretary and the United States Trade Representative to probe any damages from non-reciprocal trade practices by trading partners. Amid strong bilateral trade relations, talks between India and the US aim to double commerce to $500 billion by 2030.
(With inputs from agencies.)
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- bilateral trade
- 2023
- US-India
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