New Delhi, May 28 (PTI) is hoping to visit India next month for a trade talks with a team of US officials, there is a possibility that the two countries may agree on the interim trade agreement by June 25, the sources said.
“The talks are moving forward. Things are on the track,” he said.
Rajesh Aggarwal, the Chief Conferenceist of India, Special Secretary in the Department of Commerce, concluded his four -day visit in Washington last week. He interacted with his American counterpart on the proposed agreement.
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Commerce and Industry Minister Piyush Goyal was also an inspiration for trade talks in Washington last week. He met US Commerce Secretary Howard Lutnik twice during his visit.
Both sides are looking at an interim trade deal before the first installment of the proposed bilateral trade agreement (BTA) as the United States of America has been suspended by 9 July this year. It was deployed by the US on 2 April. However, Indian goods still attract 10 percent of the baseline tariffs imposed by the US.
In the interim trade deal, New Delhi is emphasizing for full exemption from 26 percent mutual tariff on household goods.
The two countries have set a time limit to terminate the first phase of BTA proposed by this year’s collapse (September-October).
The US was India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade to USD 131.84 billion. About 18 percent of the total goods exports of the US, 6.22 percent in imports and 10.73 percent in the country’s total trade trade.
Along with the US, in India in 2024–25 goods were a trade surplus of USD 41.18 billion (difference between imports and exports). It was 35.32 billion in 2023-24, US $ 27.7 billion in 2022-23, USD 32.85 billion in 2021-22 and USD 22.73 billion in 2020–21. The US has expressed concern over this broader trade deficit.
Two business partners look at more than USD 500 billion by 2030.
According to a report by the Ministry of Finance, a successful US-India bilateral trade agreement can flip the current headwind to tailwind, increase the reach and export of the new market.
To promote bilateral trade, India is demanding duty concessions for labor-intensive areas such as textiles, gems and jewelery, leather items, textiles, plastic, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas in the proposed treaty with America.
On the other hand, the US wants duty concessions in areas such as some industrial goods, automobiles (especially electric vehicles), wine, petrochemical products, dairy and agricultural commodities such as apples, tree nuts and GM (genetically modified) crops.
While the import of GM crops from the US remains a non-starter due to regulatory criteria in India, New Delhi is open to import non-Gram products such as Alpha Alpha He (a type of cattle feed). PTI RR HVA
This report is auto-generated with PTI News Service. ThePrint does not have any responsibility for its content.