Business News | First Tranche of US-India Trade Deal is Near Closure: Commerce Secretary
Get latest articles and stories on Business at LatestLY. India remains engaged with the United States on the proposed Bilateral Trade Agreement (BTA), and the first tranche of the deal, focused on addressing reciprocal tariffs, is now "near closure", Commerce Secretary Rajesh Agrawal said on Monday while releasing the October trade data.
New Delhi [India], November 17 (ANI): India remains engaged with the United States on the proposed Bilateral Trade Agreement (BTA), and the first tranche of the deal, focused on addressing reciprocal tariffs, is now "near closure", Commerce Secretary Rajesh Agrawal said on Monday while releasing the October trade data.
Agrawal noted that India and the US have been holding virtual discussions on the BTA for months.
The agreement comprises two components, he explained: one that will naturally take more time to negotiate, and a first tranche aimed at resolving tariff-related issues.
"The part relating to reciprocal tariffs should happen sooner rather than later," he said, while cautioning that specific deadlines cannot be set.
The BTA, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modi's visit to Washington earlier this year.
In recent months, negotiations have continued despite tariff escalations by the United States. US President Donald Trump imposed a 25 per cent tariff on Indian goods starting August 1, followed by another 25 per cent increase days later, citing India's continued purchase of Russian oil. The US has imposed reciprocal tariffs on several countries where it faces trade deficits.
Government officials last week said discussions on the BTA are progressing well and emphasized that the pact would be "highly detailed and fully aligned with WTO norms." They added that negotiations are being undertaken with sensitivity to key sectors, and an additional round of talks may not be necessary.
Meanwhile, Agrawal confirmed that an India-US LPG supply arrangement, long under consideration, is also moving forward.
He clarified that the prospective LPG purchase is not linked to the trade negotiations but is intended to help maintain the overall trade balance between the two countries.
Over the past few months, both sides have explored an interim trade arrangement; however, India has expressed reservations over US proposals seeking greater access to India's agricultural and dairy sectors. These sectors remain sensitive for India, given their critical role in employment and livelihoods for millions. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)