Latest news with #RajeshAgrawal
Business Standard
3 days ago
- Business
- Business Standard
India can spearhead a new era of resilient, equitable, and sustainable commerce: Rajesh Agrawal, Ministry of Commerce & Industry
India is uniquely poised as a trusted global partner, a large and growing market, and a capable producer to lead the effort in building resilient, reliable, and diversified supply chains for the world. This is the time for India, and we must seize the opportunity" stated Mr Rajesh Agrawal, Special Secretary, Ministry of Commerce & Industry, Government of India at the Annual General Meeting and Annual Business Summit 2025. Mr Agrawal further stated that trade and geopolitics have historically been intertwined, but the emerging global disorder marked by over-concentrated supply chains, rising unpredictability, and the weaponization of markets is compelling businesses to rethink resilience and diversification. In this context, he underscored Indias unique value proposition as both a trusted partner and a growing market economy. Mr Agrawal highlighted that Indias democratic institutions, strategic autonomy, and rising credibility have positioned it as a reliable anchor amidst global turbulence. As the world looks to de-risk supply chains, India offers a compelling alternative, not just as a manufacturing hub, but as a long-term partner for innovation, investment, and inclusive growth. Indias ability to lead the next phase of global trade lies in its capacity to adapt, innovate, and deliver at scale. With the right policy support and industry commitment, the country can spearhead a new era of resilient, equitable, and sustainable commerce. He urged Indian industry to step up and build future-ready capacities that align with global needs, underscoring the private sectors critical role in realising the vision of Viksit Bharat @2047.
The Print
4 days ago
- Business
- The Print
US officials to visit India next week for talks on interim trade pact: Official
'The US team is coming on June 5 or June 6,' the official said. The visit gains importance as India and the US are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. New Delhi, May 29 (PTI) A team of US officials is visiting India next week for discussions on the proposed interim trade agreement between the two countries, an official said on Thursday. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods, but later suspended it for 90 days till July 9. However, Indian goods still attract the 10 per cent baseline tariff imposed by America. Both countries have fixed a deadline to conclude the first phase of the proposed bilateral trade agreement pact by fall (September-October) of this year. According to sources, there is a possibility that both sides agree on an interim trade deal before the first tranche. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. With America, India had a trade surplus (the difference between imports and exports) of USD 41.18 billion in goods in 2024-25. It was USD 35.32 billion in 2023-24, USD 27.7 billion in 2022-23, USD 32.85 billion in 2021-22 and USD 22.73 billion in 2020-21. The US has raised concerns over this widening trade deficit. The two trading partners look to more than double bilateral trade to USD 500 billion by 2030. PTI RR SHW SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
4 days ago
- Business
- Time of India
US officials to visit India next week for talks on interim trade deal
India is assessing the impact of a US court ruling against Trump's tariffs. US trade officials will visit next week to discuss a potential trade agreement. Rajesh Agrawal recently visited Washington for talks. Both nations aim to finalize the initial phase of a trade pact by fall. Agrawal highlighted the need to insulate supply chains from weaponization. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is reviewing the impact of a US trade court blocking most of President Donald Trump's tariffs in a ruling on May 28, an official said Thursday, adding that American trade officials will visit next week for discussions on the proposed interim trade agreement between the two countries.'We are in the process of reviewing the impact of the US court order,' said the Court of International Trade found the president overstepped his authority by imposing across-the-board duties on imports from US' trading order has come amid India and the US expected to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26% reciprocal tariff on domestic goods.'The US team is coming on June 5 or June 6,' the official chief negotiator for the bilateral trade agreement (BTA) with the US, Rajesh Agrawal , concluded his four-day visit to Washington last week where held talks with his American counterpart on the proposed and industry minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his in the day, Agrawal, who is Special Secretary in the Department of Commerce, said the talks are progressing well.'Hopefully, in this tough times also, we will be able to navigate and come out with good outcomes sooner than later. We should be able to work out a trade partnership where there are natural comparative advantages to our businesses on both sides,' he said at the Confederation of India Industry's (CII) Annual Business Summit, 2025.'There are only few areas where we compete. Most of the areas are where we can complement each other. If we can do a good trade deal, this can be a defining partnership in the trade arena and that's what is the intent behind approaching this bilateral trade agreement,' Agrawal said the overall discussion around tariffs and trade deficit is the narrative of the US and those are the challenges they have to meet.'But that, I think, should not come in the way of our trade partnership that we are trying to stitch together,' he US on April 2 imposed an additional 26% reciprocal tariff on Indian goods, but later suspended it for 90 days till July 9. However, Indian goods still attract the 10% baseline tariff. Both countries aim to conclude the first phase of the proposed bilateral trade agreement pact by fall this that the co-existence of some non-market functions in the global trading model is one wrong in the world trading order, Agrawal said: 'We have the WTO…it has failed to provide that oversight and control where the non-market economic functions could have been controlled in the global trade and trading order. In a pure market perspective, there has been a market failure in global trade'.He said there is unpredictability all around which is creating all challenges for businesses also.'That is why I think now geopolitics is also awakening and we are entering into a world where, interestingly, both markets and supply chains are being weaponized,' he said but cautioned that 'we also need to look at insulating our supply chains in a manner that we are not vulnerable to any weaponization of markets or supply chains in future'.He said businesses in multiple geographies have prospered based on state support, subsidies and lack of transparency.'If I am a big market, I am trying to wield my weight in the ecosystem…who controls supply chains. And that is a big challenge for the global trading order today,' he said, adding that other countries are looking at India for not only sending more of their goods here but also as a major investment the CII event, Agrawal also said that with a 1.4 billion people, India cannot afford to be completely import dependent and leverage state support wherever it is required.
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Business Standard
5 days ago
- Business
- Business Standard
Possibility of interim trade deal between India, US by June 25: Report
With a team of US officials expecting to visit India next month for trade talks, there is a possibility that the two countries may agree on an interim trade pact by June 25, sources said. "Talks are moving. Things are on track," they said. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. Both sides are looking at an interim trade deal before the first tranche of the proposed bilateral trade agreement (BTA) as the USA's 26 per cent reciprocal tariff on India is suspended till July 9 this year. It was imposed by the US on April 2. However, Indian goods still attract the 10 per cent baseline tariff imposed by America. In the interim trade deal, New Delhi is pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. Both countries have fixed a deadline to conclude the first phase of the proposed BTA by the fall (September-October) of this year. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at $131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. With America, India had a trade surplus (the difference between imports and exports) of $41.18 billion in goods in 2024-25. It was $35.32 billion in 2023-24, $27.7 billion in 2022-23, $32.85 billion in 2021-22 and $22.73 billion in 2020-21. The US has raised concerns over this widening trade deficit. The two trading partners look to more than double bilateral trade to $500 billion by 2030. According to a report by the finance ministry, a successful US-India bilateral trade agreement could flip current headwinds into tailwinds, opening up new market access and energising exports. To boost bilateral trade, India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas in the proposed pact with America. On the other hand, the US wants duty concessions in sectors like certain industrial goods, automobiles (electric vehicles in particular), wines, petrochemical products, dairy, and agriculture items such as apples, tree nuts and GM (genetically modified) crops. While the import of GM crops from the US continues to remain a non-starter due to regulatory norms in India, New Delhi is open to import non-GM products like Alpha alpha hay (a kind of cattle feed).
The Print
5 days ago
- Business
- The Print
Possibility of interim trade deal between India, US by June 25: Sources
India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. 'Talks are moving. Things are on track,' they said. New Delhi, May 28 (PTI) With a team of US officials expecting to visit India next month for trade talks, there is a possibility that the two countries may agree on an interim trade pact by June 25, sources said. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. Both sides are looking at an interim trade deal before the first tranche of the proposed bilateral trade agreement (BTA) as the USA's 26 per cent reciprocal tariff on India is suspended till July 9 this year. It was imposed by the US on April 2. However, Indian goods still attract the 10 per cent baseline tariff imposed by America. In the interim trade deal, New Delhi is pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. Both countries have fixed a deadline to conclude the first phase of the proposed BTA by the fall (September-October) of this year. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. With America, India had a trade surplus (the difference between imports and exports) of USD 41.18 billion in goods in 2024-25. It was USD 35.32 billion in 2023-24, USD 27.7 billion in 2022-23, USD 32.85 billion in 2021-22 and USD 22.73 billion in 2020-21. The US has raised concerns over this widening trade deficit. The two trading partners look to more than double bilateral trade to USD 500 billion by 2030. According to a report by the finance ministry, a successful US-India bilateral trade agreement could flip current headwinds into tailwinds, opening up new market access and energising exports. To boost bilateral trade, India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas in the proposed pact with America. On the other hand, the US wants duty concessions in sectors like certain industrial goods, automobiles (electric vehicles in particular), wines, petrochemical products, dairy, and agriculture items such as apples, tree nuts and GM (genetically modified) crops. While the import of GM crops from the US continues to remain a non-starter due to regulatory norms in India, New Delhi is open to import non-GM products like Alpha alpha hay (a kind of cattle feed). PTI RR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
