Latest news with #India-U.S.BilateralTradeAgreement
The Hindu
29-04-2025
- Business
- The Hindu
'India would be one of first trade deals we sign': U.S. Treasury Secretary
U.S. Treasury Secretary Scott Bessent has said that India is likely to be among the first countries to finalise a bilateral trade agreement with the U.S. to avert reciprocal tariffs by President Donald Trump. Mr. Bessent made these remarks on Monday during an interview with CNBC's Squawk Box' to discuss the latest developments on President Trump's trade negotiations with other countries. "Negotiations with our Asian trading partners are going very well. Vice President (JD) Vance was in India last week and talked about substantial progress. I have mentioned that the negotiations with the Republic of Korea have gone very well. And I think we've had some very substantial negotiations with our Japanese allies," Mr. Bessent said. Also Read | India-U.S. proposed trade pact's terms of reference includes about 19 chapters: Sources Since President Trump's announcement that he would keep in place 10 per cent across-the-board tariffs but pause for 90 days more aggressive levies against individual trading partners, the U.S. has made progress in negotiations, Bessent said, singling out India for a potential deal in coming days among 15 to 18 'important trading relationships' that are subject of negotiations, CNBC reported. 'We've had many countries come forward and present some very good proposals, and we're evaluating those,' he said. 'I would guess that India would be one of the first trade deals we would sign. So watch this space,' Mr. Bessent added. Mr. Bessent also put the responsibility for reaching a trade agreement on China. "I believe that it's up to China to de-escalate, because they sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable,' he said during the interview. U.S. President Trump announced sweeping reciprocal tariffs on a number of countries, including India and China, on April 2. However, on April 9, he announced a 90-day suspension of these tariffs until July 9 this year, except for those on China and Hong Kong, as about 75 countries approached America for trade deals. However, the 10% baseline tariff imposed on the countries on April 2 remains in effect, besides the 25% duties on steel, aluminium, and auto components. During Mr. Vance's visit to India, both countries welcomed the "significant progress" in the negotiations for a mutually beneficial bilateral trade pact. Both leaders welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. Bilateral Trade Agreement (BTA) focused on the welfare of the people of the two countries. Also, they noted continued efforts towards enhancing cooperation in energy, defence, strategic technologies and other areas.
The Print
22-04-2025
- Business
- The Print
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.
Time of India
22-04-2025
- Business
- Time of India
India-US trade deal may show the path to other countries: Report
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. 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. 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." 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo 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. Live Events 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.
India.com
21-04-2025
- Business
- India.com
India, US Expand Strategic Cooperation: Modi-Vance Meeting Covers Energy, Defence, Global Issues
Modi-Vance Meet: Prime Minister Narendra Modi met with Vice President of the United States of America, JD Vance today, accompanied by the Second Lady Usha Vance, their children, and senior members of the US Administration, where the two sides discussed bilateral ties. According to officials, PM Modi and US Vice President Vance welcomed progress in the India-US Bilateral Trade Agreement, while exchanging views on various regional and global issues of mutual interest. In their talks, the two leaders noted continued efforts towards enhancing cooperation in energy, defence, and strategic technologies. "Prime Minister and Vice President Vance reviewed and positively assessed the progress in various areas of bilateral cooperation. They welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. Bilateral Trade Agreement focused on the welfare of the people of the two countries. Likewise, they noted continued efforts towards enhancing cooperation in energy, defence, strategic technologies and other areas," said the PMO in a statement. The PMO also added that Prime Minister Modi fondly recalled his visit to Washington D.C. in January and his fruitful discussions with President Trump, which laid down the roadmap for close cooperation between India and the U.S., leveraging the strengths of Make America Great Again (MAGA) and Viksit Bharat 2047. "Prime Minister extended his best wishes to the Vice President, Second Lady and their children for a pleasant and productive stay in India. Prime Minister conveyed his warm greetings to President Trump and said that he looked forward to his visit to India later this year," said the statement. The prime minister is hosting a dinner for Vance, his Indian-origin wife Usha Chilukuri and the delegation of senior US government officials accompanying the vice president. Vance and his family landed in Delhi this morning on a four-day India visit after their trip to Italy over the weekend. He is the first US vice president to visit India in 12 years after Joe Biden visited New Delhi in 2013. Vance and his family will also be visiting Jaipur and Agra. The US was the largest trading partner of India with overall bilateral trade in goods and services amounting to USD 190 billion for the calendar year 2023. In the financial year 2023-24, the US was the third largest source of foreign direct investment (FDI) into India with inflows of USD 4.99 billion.
