Indian and American officials made progress in concluding a bilateral trade agreement during several days of talks in New Delhi. About this reported the Reuters.
The talks, led by representatives of the Indian Ministry of Commerce and a US trade delegation led by Brendan Lynch, Assistant US Trade Representative for South and Central Asia, were held from March 26 to 29.
The talks come as US President Donald Trump prepares to impose reciprocal tariffs on several trading partners from April 2, with India hoping for an exemption in bilateral talks.
Both countries aim to sign the first part of a bilateral trade agreement by the fall of this year.
Last month, during Prime Minister Narendra Modi's visit to Washington, India pledged to increase purchases of American energy products and defense equipment, and the two sides agreed to reach a bilateral trade deal of $500 billion by 2030.
Trump has called India a "tariff king," and the US is seeking from India lower tariffs on a variety of products, from agricultural goods and alcoholic beverages to cars, as well as expanded market access for American companies.
The involvement of industry experts in working on a bilateral trade agreement will begin in the coming weeks, followed by a round of in-person negotiations, the joint statement said.
The US currently has a trade deficit with India of $45,6 billion. While the US weighted average trade tariff rate is around 2,2%, India's average tariff is much higher at 12%, according to the World Trade Organization.
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