World
India
Prime Minister Narendra Modi and US President Donald Trump have agreed to push forward negotiations on a multi-sector Bilateral Trade Agreement (BTA) that aims to boost market access, reduce tariffs and non-tariff barriers, and enhance supply chain integration, news agency ANI reported on Saturday, citing sources.
The move, which will see both leaders appointing senior representatives to advance the negotiations, demonstrates their commitment to strengthening trade ties and promoting economic cooperation between the two nations, the unnamed sources told the agency.
By increasing market access and reducing barriers, the agreement will facilitate smoother trade flows and create new opportunities for businesses on both sides, they said.
Notably, an Indian delegation led by Commerce and Industry Minister Piyush Goyal visited Washington from 3-6 March to meet with the US Commerce Secretary, the US Trade Representative, and their teams.
These discussions are part of a broader effort to boost bilateral trade to USD 500 billion by 2030, the report said, adding that the agreement will focus on various sectors, including energy, defense, and technology.
India has already reduced its average applied tariffs for countries like Australia, UAE, Switzerland, and Norway under recently concluded trade agreements. Similar negotiations are underway with the European Union and the United Kingdom, among other partners. The ongoing discussions with the United States should be seen in this context, the sources further told the publication.
In February, during PM Modi’s visit to Washington, both leaders had set an ambitious goal to double the bilateral trade to USD 500 billion by 2030.
According to a statement from the Prime Minister’s Office, the leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative, and supply chains more resilient.
They also resolved to “deepen the US- India trade relationship to promote growth that ensures fairness, national security, and job creation”.
“To this end, the leaders set a bold new goal for bilateral trade—’Mission 500’—aiming to more than double total bilateral trade to USD 500 billion by 2030”.
ALSO READ: India’s Space Sector Set to Reach USD 44 Billion: Union Minister Jitendra Singh
