India-US To Resume Talks On Bilateral Trade Agreement This Month - What We Know

(MENAFN- Live Mint) Negotiation for the Bilateral Trade Agreement (BTA) between India and the United States is set to resume this month, according to an ANI report. An Indian delegation will visit the US from 20-22 April to continue talks, it added.

Notably, this comes after Prime Minister Narendra Modi and US President Donald Trump had a call yesterday, on 14 April.

Trump calls Modi, review bilateral cooperation

In a post on social media platform X (formerly known as Twitter), Modi wrote that he received a call from Trump, where the two leaders reviewed the substantial progress achieved in bilateral cooperation across various sectors.

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He added that both also expressed commitment to further strengthening the Comprehensive Global Strategic Partnership in all areas; discussed the situation in West Asia and stressed the importance of keeping the Strait of Hormuz open and secure.

“Received a call from my friend President Donald Trump. We reviewed the substantial progress achieved in our bilateral cooperation in various sectors. We are committed to further strengthening our Comprehensive Global Strategic Partnership in all areas. We also discussed the situation in West Asia and stressed the importance of keeping the Strait of Hormuz open and secure,” he stated.

'Very productive discussion': Piyush Goyal on talks with Jamieson Greer

Earlier Union Commerce and Industry Minister Piyush Goyal held a meeting with US Trade Representative Jamieson Greer on 27 March, to discuss the next steps in the India-US BTA negotiations.

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The minister called it a“very productive discussion” in a post on X, adding that they discussed“next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties”.

India and the US on 2 February announced that they have finalised a framework for the first phase of the BTA, and details of the same were released in a joint statement on February 7. However, the deal has not yet been signed.

India-US trade deal interim framework – what's in the deal?

Here are some key highlights from the joint statement released by the US and India on February 7:

Under the framework, India will eliminate or reduce tariffs on all US industrial goods and a broad set of agricultural and food products. This will include items such as dried distillers' grains (DDGs), fresh and processed fruit, red sorghum for animal feed, soybean oil, tree nuts, wine and spirits, and other additional products. Additional market access commitments and support for more resilient supply chains is also part of the interim deal.

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On its part, the US will apply a reduced reciprocal tariff rate of 18% on Indian exports, with scope for further reductions as negotiations move forward. Items with reduced 18% tariffs include: artisanal products, certain machinery, home decor, leather and footwear, organic chemicals, plastic and rubber, and textiles and apparel. The US will also remove reciprocal tariffs on goods including aircraft parts, gems and diamonds, and generic pharmaceuticals. Both countries have committed to“provide each other preferential market access in sectors of respective interest on a sustained basis”.

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Both countries will establish rules of origin that ensure that the benefits of the Agreement accrue predominately to India and the US. As per the joint statement, India also intends to purchase $500 billion of US products over the next 5 years, including: aircraft and aircraft parts, coking coal, energy products, precious metals, and technology products. On its part, the US will significantly increase trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centers, and expand joint technology cooperation.

(With inputs from Agencies)

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