India-US trade deal may become a model for future agreements with other countries: Report
The report highlighted that the deal marks a major shift in India's trade strategy, as it aims to use trade as a tool to acquire advanced technologies, speed up industrial growth, and strengthen its position in the global economy.
New Delhi [India], April 22 (ANI): The upcoming India-US Bilateral Trade Agreement (BTA) is expected to become a model for India's future trade negotiations with other developed nations, according to a report by ACMIIL, a stock market company.
It said, 'Once India-U.S. Bilateral Trade Agreement (BTA) finalised, it will likely set a precedent for future trade negotiations with other developed economies.'
The report mentioned that the agreement is closely aligned with India's 'Make in India' and 'Atmanirbhar Bharat' (self-reliant India) initiatives. These programmes focus on boosting domestic production and reducing dependency on imports.
As part of the BTA, India is likely to reduce tariffs on some American agricultural and food products. This will give American exporters more access to the Indian market and provide Indian consumers with a wider range of food items.
In return, India will benefit by importing advanced US technologies in critical areas like defence, clean energy, and high-end manufacturing. These sectors are key to India's long-term development and national security plans.
The report added, 'The agreement also includes regulatory cooperation, digital trade standards, and intellectual property rights enforcement, aiming to establish a transparent, rules-based environment that promotes cross-border investments and business predictability'
Meanwhile, India's economic outlook continues to remain strong. Domestic consumption is growing, supported by rising employment and better consumer confidence. Driven by government capital spending and tax reforms, private investment is also on the rise.
With 47 per cent of the population in the working-age group, household incomes are going up and people are spending more on convenience-based products.
India remains the fastest-growing major economy in the world and is expected to be among the top three global economies in the coming years. As global trade patterns shift, India could gain further by becoming a key part of diversified global supply chains.
The country is also projected to grow at a healthy 6.5 per cent in the financial year 2025-26, backed by strong macroeconomic fundamentals. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
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