India and US Eye Trade Liberalisation Amid Reciprocal Tariff Talks

Commerce Secretary Sunil Barthwal stated that India's trade relations with the US are at a crucial juncture, with reciprocal tariffs posing both challenges and opportunities. The aim is to negotiate a bilateral trade deal to boost trade to USD 500 billion. Talks are progressing with a focus on trade liberalisation.

India's Commerce Secretary Sunil Barthwal on Tuesday emphasized that while reciprocal tariffs present challenges, they also offer opportunities for India as it negotiates a bilateral trade agreement with the United States. Barthwal highlighted that India is committed to trade liberalisation with the US.

Meanwhile, President Donald Trump has temporarily halted reciprocal tariffs for several countries engaged in negotiations. However, a 125 per cent tariff on China remains. During a three-month period, a 10 per cent tariff will apply to those negotiating with the US. Barthwal expressed optimism about advancing bilateral trade toward a target of USD 500 billion.

Union Commerce and Industry Minister Piyush Goyal reiterated that India is handling reciprocal tariffs prudently with the goal of expanding trade with the US. Talks, progressing steadily, include the aim to finalize a bilateral trade agreement by fall 2025, marking a significant step in India-US trade relations.

(With inputs from agencies.)