India-US Trade Negotiations Aim to Boost Bilateral Commerce

India and the US are negotiating a bilateral trade agreement focused on increasing market access, reducing import duties, and enhancing supply chain integration. During a recent visit to Washington, both countries committed to doubling bilateral commerce to $500 billion by 2030. Current negotiations continue without finalized tariff agreements.

In a focused bid to boost bilateral commerce, India and the United States are negotiating a trade agreement. The primary areas of focus include increasing market access, reducing import duties, and enhancing supply chain integration, as detailed in a parliamentary session announcement on Tuesday.

According to Minister of State for Commerce and Industry Jitin Prasada, the two nations are committed to negotiating a multi-sector trade agreement that avoids imposing reciprocal tariffs. This ongoing dialogue aligns with both countries' goal of doubling their bilateral trade to $500 billion by 2030.

During discussions, the significance of India's existing trade surplus with the US was highlighted. Despite ongoing negotiations, no specific agreements on tariffs have been reached. The US continues to scrutinize non-reciprocal trade arrangements, as outlined by a recent memorandum from the US Commerce Department.

(With inputs from agencies.)