India and US officials prepare for crucial Bilateral Trade Agreement negotiations in New Delhi (Photo: File)
India and the United States are getting ready to restart high-level trade talks in New Delhi starting December 10 with the aim of pushing forward the BTA between the two countries.
The negotiations mark an important milestone in consolidating economic relationships and growing trade from the existing USD 191 billion. With both countries braving the tectonic changes in global trade, negotiations bear strategic importance for the next phase of bilateral commerce.
India's Commerce Secretary Rajesh Agarwal said recently that he was confident the first tranche of the India-US BTA could be inked inside 2025. The talks have progressed substantially, despite issues like US-imposed tariffs on Indian goods.
First proposed in February, the deal aims to increase bilateral trade to $500 billion by 2030, a reflection of the ambition of both governments to strengthen economic cooperation and achieve mutual benefit in all areas.
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The US recently slapped a 25% tariff on Indian exports, citing continued energy purchases from Russia, and then increased it by another 25%. These steps added to the new set of complications.
However, Indian negotiators have stayed attentive to securing a framework that would meet both countries trade requirements. Commerce Secretary Agarwal said that even with such disruptions, India is optimistic about a positive outcome before the end of this year.
Apart from the US, India has been actively pursuing trade expansion through 14 FTAs and six PTAs. The country is negotiating FTAs with more partners and holding discussions with the European Union to increase its exports.
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Prime Minister Narendra Modi told visiting Russian President Vladimir Putin last month that work on concluding a Free Trade Agreement on goods with the Eurasian Economic Union is almost complete, reflecting in broader terms India's approach toward building a strong global network of trade relations.
The External Affairs Minister of India, S. Jaishankar, underlined India's strategic autonomy in the management of its international relations. He stated time and again that India exercises independent decision-making in forging partnerships with major powers and that no country can instruct India on trade or diplomatic choices.
Adhering to this strategic autonomy ensures that any bilateral agreement, including the India-US BTA, fully reflects national interest while pursuing mutually beneficial economic growth.
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Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice regarding trade negotiations.
