Latest News | Possible to Finalise Small Part of Proposed India-US Trade Pact in 90 Days: Official
Get latest articles and stories on Latest News at LatestLY. A small part of the proposed Bilateral Trade Agreement (BTA) between India and the US could be finalised in the 90-day tariff pause announced by the Trump administration, an official said on Friday.
New Delhi, Apr 11 (PTI) A small part of the proposed Bilateral Trade Agreement (BTA) between India and the US could be finalised in the 90-day tariff pause announced by the Trump administration, an official said on Friday.
The official also said the two countries have already finalised the terms of reference to start negotiations for the pact.
"Lot of possibilities are there to finalise low hanging fruits. Lot of possibilities are there to finalise form and shape of the BTA," the official said adding everything is possible in 90 days if it is a "win-win" for both sides.
India and the US are engaged in finalising the trade agreement. Both sides have targeted to conclude the first phase by fall (September-October) this year with an aim to more than double the bilateral trade to USD 500 billion by 2030 from the current about USD 191 billion.
"The work has started. India is far ahead of other countries in negotiating a trade deal," the government official said, adding India is in continuous engagement with the US.
A lot of negotiations will happen through video conferencing, and there could be some visits.
The US, on April 2, announced an additional 26 per cent tariff on Indian goods entering the US. But on April 9, the Trump administration announced the suspension of these on India for 90 days until July 9 this year. However, the 10 per cent baseline tariff imposed on the countries will continue to remain in place.
In 2023-24, the US was the largest trading partner of India, with USD 119.71 billion bilateral trade in goods (USD 77.51 billion worth of exports, USD 42.19 billion of imports and USD 35.31 billion trade surplus).
The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)