39
Both trading partners are expecting to increase bilateral trade by 2030 to US $ 500 billion.
New Delhi: American officials will come to India next week to negotiate the interim trade agreement. A Commerce Department official said on Thursday that a team of US officials will visit India next week to discuss the proposed interim trade agreement between the two countries. This visit of American officers is said to be important because the two countries can agree on the interim trade agreement by the end of June, in which India wants 26 percent of the tariffs to be fully exempted on domestic goods.
Business expected to increase US $ 500 billion
Both trading partners are expecting to increase bilateral trade by 2030 to US $ 500 billion. The official said that the US party is coming on 5 or 6 June. Rajesh Aggarwal, Special Secretary in the Department of Commerce of India, completed his four -day visit to Washington last week. He interacted with his American counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to speed up trade talks.
Hope for consent on business deal
The US imposed an additional 26 percent mutual fee on Indian goods on 2 April, but later suspended for 90 days till 90 days. However, Indian goods still attract 10 percent baseline tariffs imposed by the US. The two countries have set a deadline for ending the first phase of the proposed bilateral trade agreement till this year’s fall (September-October). According to sources, there is a possibility that both sides agree on the interim trade deal before the first installment.
America is the largest trade partner in India
The US remained India’s largest trading partner in 2024-25 consecutive years in 2024-25, with bilateral trade of US $ 131.84 billion. America is about 18 percent share in India’s total goods exports, 6.22 percent in imports and 10.73 percent in the country’s total trade trade. It was US $ 35.32 billion in 2023-24, US $ 27.7 billion in 2022-23, US $ 32.85 billion in 2021-22 and US $ 22.73 billion in 2020-21. Both trading partners are expecting to increase bilateral trade from double to US $ 500 billion by 2030.
