The US currently has a $45.6 billion trade deficit with India
NEW DELHI - India n and US officials made progress towards a bilateral trade agreement during several days of talks in New Delhi, they said on Saturday. The negotiations, led by officials from India 's commerce ministry and a US trade delegation headed by Brendan Lynch, assistant US trade representative for South and Central Asia, were held from March 26-29.
The talks come as US President Donald Trump prepares to impose reciprocal tariffs on multiple trading partners from April 2, with India hoping for an exemption amid the bilateral talks. Both countries aim to sign the first tranche of a bilateral trade deal by the fall this year. "The successful conclusion of the discussions reflects progress in efforts to expand India-US bilateral trade and investment relations to promote prosperity, security and innovation in both countries," a joint statement said. Last month, during Prime Minister Narendra Modi's visit to Washington, India pledged to boost purchases of US energy products and defence equipment, and the two sides agreed to aim for a deal targeting bilateral trade of $500 billion by 2030. Trump has called India a "tariff king", with the US seeking India to reduce tariffs on products ranging from agricultural goods and alcoholic beverages to automobiles, and greater market access for US companies. Piyush Goyal, India's trade minister, visited Washington earlier this month for talks with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. Sector-specific expert engagements for the bilateral trade agreement will begin virtually in the coming weeks, followed by an in-person negotiating round, the joint statement said. The US currently has a $45.6 billion trade deficit with India. While the US trade-weighted average tariff rate stands at about 2.2%, India’s average tariff is significantly higher at 12%, according to World Trade Organization data.Pakistan, Qatar vow to strengthen bilateral ties
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ukraine will propose a limited ceasefire during talks with US in Saudi Arabia, officials sayUkraine will propose a limited ceasefire during talks with the US in Saudi Arabia, officials say
Read more »
South Korea trade minister to visit US to discuss tariffs, investmentCheong will meet with officials at the United States Trade Representative
Read more »
US hints at Ukraine concessions ahead of Trump-Putin callUS officials on Sunday expressed optimism that a Ukraine-Russia ceasefire deal could be reached in 'weeks,' with President Donald Trump expected to soon discuss the issue with Russian counterpart Vladimir Putin.
Read more »
Starmer and Trump discussed US-UK trade deal 'progress': PM's officeBritish Prime Minister Keir Starmer has discussed 'progress' on a trade deal between the UK and United States in a phone call with President Donald Trump, Downing Street said on Monday. Late on Sunday the two leaders had a 'brief discussion to update on progress made... in relation to the economic prosperity deal,' a spokesman said.
Read more »
China poses biggest military threat to US: intel reportChina is the top threat to American interests globally, according to a US intelligence report released Tuesday, which said Beijing was making progress in its military and cyber capabilities.
Read more »
India's Wipro wins 650 million-dollar deal from British insurer Phoenix GroupIndia's Wipro wins 650 million-dollar deal from British insurer Phoenix Group
Read more »