Latest news with #Leaders'Statement
Time of India
01-06-2025
- Business
- Time of India
Indian exporters worried over US tariff hikes on steel, aluminium goods, ET Manufacturing
Advt Advt Advt Advt Join the community of Top industry professionals Subscribe to our newsletter to get latest insights & analysis. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. New Delhi: The Federation of Indian Export Organisations ( FIEO ) has expressed concern over the recent announcement by US President Donald Trump to double import tariffs on steel and aluminium from 25 per cent to 50 per cent, citing potential disruption to India 's steel and aluminium exports, particularly in value-added and finished steel products and auto- to the development, FIEO president S.C. Ralhan stated that the proposed increase in US steel and aluminium import tariffs will have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts."These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market," he exported approximately $6.2 billion worth of steel and finished steel products to the USA in the financial year 2024-25, including a wide range of engineered and fabricated steel components and about $0.86 billion of aluminium and its products. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing their market share through high-quality production and competitive FIEO president further added that while it is understandable that the decision stems from domestic policy considerations in the US, such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains."We urge the Government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly disadvantaged as 25 per cent additional duty on steel shipments will be a huge burden, which is difficult to be absorbed by the exporter or FIEO chief also emphasised the need for Indian exporters to diversify their markets and invest in higher-grade value-added products to mitigate the impact of such protectionist as part of ongoing discussions on the India-US Bilateral Trade Agreement , representatives of India's Department of Commerce and the Office of the US Trade Representative held fruitful discussions at a meeting in Washington from April 23-25 to conclude the first tranche of the Bilateral Trade Agreement by Fall (September-October) of 2025,The ongoing discussions are part of bilateral efforts in line with the Leaders' Statement. Prime Minister Narendra Modi , during his visit to Washington in February this year, held talks with US President Donald Trump on negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement by the fall of two leaders 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 $500 billion by 2030.--IANSsps/uk
Hans India
30-04-2025
- Business
- Hans India
India, US eye ‘early mutual wins' in bilateral trade talks
New Delhi: India signalled the possibility of 'early mutual wins' in its negotiations with the US, as the two nations inch closer to sealing the first tranche of a trade deal by fall of this year. A team of officials, led by India's chief negotiator Rajesh Agrawal, was in Washington last week to advance discussions on the trade pact. The two nations discussed the roadmap for a 'mutually beneficial, multi-sector bilateral trade agreement by fall of 2025, including through opportunities for early mutual wins,' India's Ministry of Commerce and Industry said in a statement on Tuesday. This follows earlier bilateral discussions held in March 2025 in New Delhi. While productive sectoral expert-level engagements have taken place through the virtual format, in-person sectoral engagements are planned from the end of May, the statement said. The productive discussions are part of bilateral efforts in line with the Leaders' Statement of February 2025 to enhance and expand India-US economic ties and supply chain integration through the Bilateral Trade Agreement, it added. Prime Minister Narendra Modi, during his visit to Washington in February this year, held talks with US President Donald Trump on negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement by the fall of 2025. The two leaders 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 $500 billion by 2030.
The Print
29-04-2025
- Business
- The Print
'Positive progress' , 'fruitful discussions': India on bilateral trade talks with US
As part of ongoing discussions on the India-US Bilateral Trade Agreement, representatives of India's Department of Commerce and the Office of the US Trade Representative met in Washington, DC, from April 23-25, 2025. This follows earlier bilateral discussions held in March 2025 in New Delhi. New Delhi [India], April 29 (ANI): India on Tuesday said that the meetings for negotiation of Bilateral Trade Agreement (BTA) with United States are making 'positive progress' and termed the discussions as 'fruitful.' The Ministry further added that the team had fruitful discussions on a wide range of subjects, including tariff and non-tariff matters, during the meetings in Washington, DC. The Indian and US sides held a meeting to discuss the ways for the first phase of the Bilateral Trade Agreement, which is scheduled to be finalised in the fall of the current year. 'During the meetings in Washington, D.C., the team had fruitful discussions on wide ranging subjects covering tariff and non-tariff matters. The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, including through opportunities for early mutual wins. While productive Sectoral expert level engagements have taken place through the virtual format, in-person Sectoral engagements are planned from end of May,' the Ministry added. The Ministry added that these productive discussions are part of bilateral efforts in line with the Leaders' Statement of February 2025, aimed at enhancing and expanding India-US economic ties and supply chain integration through the Bilateral Trade Agreement. As part of the BTA, leaders of both countries have set a bold new goal for bilateral trade – 'Mission 500' – aiming to more than double total bilateral trade to USD 500 billion by 2030. Recognising that this level of ambition would require new, fair-trade terms, both countries have announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025. Both countries have committed to designating senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT. To advance this innovative, wide-ranging BTA, the US and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Fibre2Fashion
29-04-2025
- Business
- Fibre2Fashion
India & US advance trade talks; in-person meetings set for May end
Representatives of India's Department of Commerce and the Office of the US Trade Representative met in Washington, DC from April 23-25, 2025, as part of ongoing discussions on the India-US Bilateral Trade Agreement. The meeting follows earlier bilateral discussions held in March 2025 in New Delhi. During the meetings, the team had fruitful discussions on subjects covering tariff and non-tariff matters. Both sides discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, the Ministry of Commerce & Industry said in a release. The discussions included opportunities for early mutual wins. While productive sectoral expert level engagements have taken place through the virtual format, in-person sectoral engagements are planned from the end of May. The productive discussions are part of bilateral efforts in line with Leaders' Statement of February 2025 to enhance and expand India-US economic ties and supply chain integration through the Bilateral Trade Agreement. Representatives of India's Department of Commerce and the US Trade Representative met in Washington, DC from April 23-25, 2025, to advance discussions on the India-US Bilateral Trade Agreement. Talks covered tariff, non-tariff matters, and early mutual wins. In-person sectoral engagements are planned from the end of May, following earlier virtual meetings. Fibre2Fashion News Desk (HU)
India Today
29-04-2025
- Business
- India Today
India, US officials meet in Washington to discuss bilateral trade agreement
In a move aimed at finalising the India-US Bilateral Trade Agreement, representatives from India's Department of Commerce and the Office of the US Trade Representative engaged in productive discussions in Washington between April 23 and two sides have set a target to conclude the first tranche of the agreement by Fall 2025, with September-October set as the tentative deadline, a statement from the Ministry of Commerce and Industry stated. advertisementThe recent meeting followed an earlier bilateral trade discussions that happened in March in which Brendan Lynch, the Assistant US Trade Representative for South and Central Asia, came to India for crucial trade discussions. "During the meetings in Washington, D.C., the team had fruitful discussions on wide-ranging subjects covering tariff and non-tariff matters. The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, including through opportunities for early mutual wins," the statement read."While productive sectoral expert-level engagements have taken place through the virtual format, in-person sectoral engagements are planned from the end of May," the statement discussions were part of the India-US Bilateral Trade Agreement talks that started in line with the Leaders' Statement of February 2025 to enhance and expand economic ties and supply chain meeting came after US Vice President JD Vance made a four-day diplomatic visit to India with his family and announced that the US and India had officially finalised the terms for trade talks in the Business Summit at the Rajasthan International Centre in Jaipur, last week, as per President, Donald Trump, has imposed 26% tariffs on India, which was put on a 90-day hold and base tariffs of 10% were made applicable. This pause is set to expire on July 9, sources reported that these BTA talks were held to discuss a proposed trade pact with terms of references (ToRs) covering around 19 chapters, such as tariffs, non-tariff barriers, and customs Chief Negotiator, Additional Secretary to the Department of Commerce, Rajesh Agrawal, led the team. He was appointed as the next commerce secretary on April 18 and will assume office from October two countries have targeted to conclude the first phase of the pact by fall (September-October) with an aim to more than double the bilateral trade from the current USD 191 billion to USD 500 billion by 2030.
