India, US Make Progress On Mutually Beneficial Trade Agreement: Piyush Goyal
New Delhi:
India and the US have made further progress on concluding a mutually beneficial trade agreement, Union Commerce and Industry Minister Piyush Goyal has stressed, amid talks with the US Commerce Secretary Howard Lutnick towards the first tranche of Bilateral Trade Agreement (BTA).
India presents a compelling case to the US for a bilateral trade deal, given the outlook on growth and demography.
"Held a constructive meeting with Secretary Howard Lutnick for a mutually beneficial trade agreement," said Mr Goyal in a post on X social media platform on Thursday (US time).
The union minister further stated that the two nations are "committed to enhancing opportunities for our businesses and people".
India and the US are working to sign the first tranche of BTA to bring down tariffs before the agreed timeline of the fall of 2025, as the the terms of reference for the pact have already been finalised.
Earlier, Mr Goyal had said that "very good negotiations" with the US were underway.
"Looking at the growth, India offers in the next 25-30 years with a large, aspirational, young population who will add to the demand for goods and services, we believe India will be a compelling case to enter into a good agreement with the US," Mr Goyal had told reporters.
If both the countries come to an agreement on reducing tariffs, it would lead to higher trade for US and India. Prime Minister Narendra Modi and US President Donald Trump have set an ambitious target of $500 billion bilateral trade by 2030 in a joint statement during the Indian PM's recent visit to Washington, DC.
The US President claimed recently that India offered to remove all tariffs on American goods, but added that he was in no rush to finalise a trade deal despite the apparent breakthrough.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
28 minutes ago
- Time of India
Need of 6,900 acre land, $9 bn investment by 2030 to set up EV infra: Report
Nearly 6,900 acre of land and USD 9 billion investments will be required by 2030 for setting up facilities for EV (electric vehicle) manufacturing, lithium-ion battery production and public charging stations , according to Savills India . Real estate consultant Savills India has released report 'Charged for Change: How EVs Are Reshaping Indian Real Estate' stating that the EV market in India has witnessed significant growth in recent years, driven by market forces, government policies, rising environmental concerns, and increasing fuel costs. The government has launched several initiatives to accelerate EV adoption and strengthen the supporting ecosystem. "An investment of USD 7.5 to 9 billion will be required by 2030, primarily for land acquisition and the development of facilities for EV manufacturing, lithium-ion battery production, and public charging stations," the consultant said. In high-adoption scenario, the required investments will be USD 9 billion while USD 7.5 billion will be needed in the case of medium adoption. The report further estimated 5,760 to 6,852 acres of land by 2030 to support EV manufacturing, lithium-ion battery plants, and public charging infrastructure. Srinivas N, Managing Director, Industrial & logistics, Savilla India , said, "Aligning with India's target of achieving 30 per cent EV penetration by 2030, the real estate sector is expected to experience significant growth driven by the rise in EV adoption." The growing demand for EVs will stimulate the need for multiple real estate segments, including industrial and warehousing spaces to support EV and battery manufacturing, EV assembly units, and the storage and distribution of EV components and batteries, he added. Additionally, the expansion of supply chains will increase the demand for strategically located warehouses and logistics parks, said Srinivas. "The government's role with several policies and various initiatives, collectively aims to establish a robust EV ecosystem in the country by fostering innovation, investment and infrastructure development while addressing climate change and energy security concerns," he said. Ministry of Road Transport and Highways (MoRTH), in line with projections by NITI Aayog and the Rocky Mountain Institute (RMI), estimates cumulative EV sales in India to reach 25.3-31.8 million units by 2030 - an annual average of 4.2 to 5.3 million units. According to Savills, this will drive land requirement of 2,009 to 2,467 acres for manufacturing facilities, with a built-up potential of 43.8 to 53.7 million square feet.
Time of India
28 minutes ago
- Time of India
Uber appoints Palo Alto CEO Nikesh Arora to board
Uber has appointed Palo Alto Networks chief executive Nikesh Arora to its board, according to a filing with the Securities and Exchange Commission. He will serve on the Nominating and Governance Committee and Compensation Committee. Arora, 57, has been the Chairman of the board and chief executive officer (CEO) of cybersecurity firm Palo Alto Networks since June 2018. Prior to joining Palo Alto Networks, he was an angel investor from 2016 to 2018. Before that, he worked with SoftBank Group Corp in various senior capacities from 2014 to 2017. Notably, SoftBank made significant investments in Uber in 2018 and 2019, becoming its largest shareholder at one point. SoftBank sold a third of its stake in the ride hailing platform in 2021 and offloaded the rest between April and July 2022. Arora was also one of the top candidates being considered as successors to former Uber CEO Travis Kalanick after he resigned in June 2017. The job went to Dara Khosrowshahi . Prior to SoftBank, from December 2004 through July 2014, Arora held multiple senior leadership operating roles at Google , Inc., including serving as senior vice president and chief business officer, from January 2011 to June 2014. The Palo Alto CEO also serves on the board of Compagnie Financiere Richemont S.A., a public Switzerland-based luxury goods holding company. He has previously served on the boards of insurance company Aviva PLC, Indian telecom major Bharti Airtel , US communications services company Sprint Corp, global FMCG company Colgate-Palmolive Company, SoftBank, and Yahoo! Japan. 'Nikesh is one of the technology industry's great executives: a strategic and disciplined operator, and a fierce competitor. We're thrilled to welcome him to the board and look forward to his contributions as we continue to advance our long-term strategy,' said Uber chief executive officer Khosrowshahi. As an Uber director, Arora will receive a $60,000 annual cash retainer and restricted stock units with a fair value of $300,000, the SEC filing said.
India Today
31 minutes ago
- India Today
How Tharoor hit Trump, Rahul Gandhi with a single stone on ceasefire
Diplomacy is like the proverbial tip of the iceberg. What is visible to the public is just 10% of what takes place behind closed doors. And US President Donald Trump, with his bull-in-a-China-shop approach, is a diplomat's nightmare. There is a big reason why the Indian government hasn't vociferously junked Trump's claims of having mediated a ceasefire between India and Pakistan after the mini-war in May. Congress MP Shashi Tharoor made that public, albeit with the skills of a former diplomat that he most American presidents, Trump has been big on claims and short on action. This has led to him being mocked as Taco -- Trump always chickens out. However, the flying taco leaves an imprint wherever it claim of having brokered a ceasefire was lapped up by Congress MP Rahul Gandhi, who used it to attack Prime Minister Narendra Modi. "Trump made one gesture from there (the US), picked up the call and said 'Modiji, what are you doing? Narender surrender'. And Modiji said 'yes sir' and followed Trump's instructions," Rahul said in Bhopal on June was less than a month ago that India launched Operation Sindoor to target terror camps inside Pakistan and Pakistan-occupied Kashmir (POK). The May 7 strike saw Pakistan attack military and civilian areas in India with missiles and swarm of drones. India retaliated by targeting military infra deep inside Pakistan and left its forces May 10, as Trump made a surprise announcement on Truth Social -- the US had mediated a ceasefire between the two announced that the pause to the war came about after the Pakistani DGMO called up his Indian counterpart, raising the white Rahul Gandhi and his Congress have chosen to go with Trump, who also spoke about trade in the same has repeatedly, but prudently, stated that Trump didn't play any role in the ceasefire and that the pause came about with discussions between the two warring question is, why hasn't India vociferously rejected Trump's claims?The short answer is -- diplomacy happens behind closed doors and isn't a shouting ties are bigger than a property dealer-turned-politician's ego. Similarly, messaging for the nation, in which Shashi Tharoor is currently engaged, is not about the ego-massaging of a political is leading a multi-party team to the US to put forth India's stance on Operation Sindoor and the compulsion that forced it to suspend the Indus Waters Treaty with Pakistan."Do you think India has been firm enough to the constant mediation claim by Trump? It is the same question that your party continues to ask back home," Tharoor was asked in the yesterday, the leader of your party, Rahul Gandhi, said Modi surrendered to President Trump," the person asking made the backdrop with a loud laugh, Tharoor strongly reiterated India's stand -- India didn't ask anyone for mediation."All I can say is that I have enormous respect for the American Presidency and the American President. All we can say for ourselves is that we have never particularly wanted to ask anyone to mediate," Tharoor who has seen all shades of global diplomacy during his stint in the United Nations, including as the Under-Secretary-General of the UN, made clear India had clear priorities and didn't want to "jeopardise" ongoing India-US talks by countering Trump on a "matter of detail"."We have enormous respect for the US, and we have a much more important, valuable, and strategic partnership with Washington that we would not want to jeopardize over a matter of detail. We are cooperating in a number of areas and are interested in enhancing all of that. Small matters can be set aside so we can focus on tomorrow," said is amid ongoing India-US talks, where a trade deal could be finalised between the two countries soon. advertisementThe former diplomat killed two birds with one stone by calling Trump's ceasefire claims, and thereby Rahul Gandhi's political rhetoric, by trashing the issue as "small matter".Like Asaduddin Owaisi, who has been ferocious against Pakistan after the Pahalgam attack and used terms unlike anyone else to expose it, the suave Tharoor performed his national duty even as his own party tried to pull him Congress and Rahul Gandhi have been an exception in attacking the government at a time when the entire country stood united and bipartisan teams are representing Tharoor diplomatically sidestepped the political question, his colleague and Rajya Sabha MP Milind Deora, addressed it."As far as the political question is concerned, I would like to extend my admiration for Dr Tharoor, whom I have known for a long time. He always puts country before party," said Deora, who is among the leaders in Rahul Gandhi's inner circle to have moved out of the Tharoor explained was a growing India's treading the line in not antagonising Trump, for Trump is like Jaykant Shikre of Singham, the bhi karne ka, Jaykant Shikre ke ego nahi hurt karne ka," is his pet statement in the is the Jaykant Shikre in the White House -- a mass of bloated ego -- and India, like Tharoor outlined, doesn't believe in a diplomatic hack is no denying that the government is answerable, and will be held accountable, but this might not be the right time. It isn't the time to bolster voices against the country that might be amped up by forces inimical to India's interests. This is the time to speak up in one voice as a nation. And Shashi Tharoor is one of the millions of such voices, stating the InMust Watch
