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Bloomberg Quint
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Senior Indian Officials Expect In-Person Trade Talks With US To Start Next Month
- India and the US are set to begin in-person talks for a bilateral trade agreement next month, aiming to conclude the first phase by September-October this year.
- Negotiations have been ongoing virtually, with plans to double bilateral trade to $500 billion by 2030.
- Physical negotiations are expected to start in May, according to Additional Secretary Rajesh Agrawal.
- Commerce Secretary Sunil Barthwal highlighted the opportunities for both countries in finalizing the agreement.
- The trade pact aims to reduce or eliminate customs duties on many goods, ease trade in services, and boost investments.
- The US may seek duty concessions in industrial goods, electric vehicles, wines, petrochemicals, and more, while India may focus on sectors like textiles, gems, and horticulture.
- India's main exports to the US in 2024 included drug formulations, telecom instruments, and precious stones, while imports consisted of crude oil, petroleum products, and diamonds.
- The US is India's largest trading partner (2021-22 to 2023-24), accounting for a significant portion of India's exports and imports.
- In 2023-24, India had a trade surplus of $35.32 billion with the US in goods.
- The potential trade pact is expected to address tariff and non-tariff barriers to facilitate higher trade growth.
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