New Delhi: India and the United States concluded the initial round of discussions for a Bilateral Commercial Agreement On Saturday and experts they will now advance with sectoral discussions in the coming weeks.
“To realize the shared objective of promoting the growth that guarantees equity, national security and employment creation, both parties have done through four days of discussions in New Delhi in general, generally understanding the next steps towards a mutually beneficial bilateral (BTA) trade agreement.”
The negotiators of the two countries have identified the priority areas to increase access to the market by reducing non -tariff tasks and barriers and the deepening of supply chains, he said.
“Both parties hope to take advantage of this milestone in the coming months to end the bilateral trade agreement, ensuring that it is aligned with the shared objectives of prosperity, resistance and mutual benefit.”
The discussions continue to the announcement of Prime Minister Narendra Modi and the president of the United States, Donald Trump, to negotiate a bilateral commercial agreement and more than double trade at $ 500 billion by 2030. Subsequently, the Minister of Commerce and Industry met US trade representative. Jamieson Greer and Commerce Secretary Howard Lutnick to carry out conversations.
The official conversations were led by Brendan Lynch, an assistant to Ustr, and Rajesh Agrawal, additional secretary of the Department of Commerce.
Trump has been attacking India for high rates and tax cuts for various products are expected in the first section of the agreement that probably ends by September.
“India is one of the nations with the highest rates in the world. It’s brutal, it’s brutal. They are very intelligent. He (Modi) is a very intelligent man and a great friend of mine. We had very good talks. I think he will work very well between India and our country,” Trump said Friday.
All eyes are now on April 2, the deadline established by the US President to impose reciprocal rates. With negotiations for an ongoing commercial agreement, the government expects Indian products not to face reciprocal duties.