India and the United States are advancing their bilateral trade negotiations, focusing on establishing a framework for a comprehensive Bilateral Trade Agreement (BTA). This development comes amid ongoing tariff disputes, particularly with US President Donald Trump threatening to impose reciprocal tariffs on Indian goods starting April 2, 2025.

The Ministry of External Affairs (MEA) spokesperson, Randhir Jaiswal, emphasized that both governments are committed to expanding trade, enhancing market access, and reducing tariff and non-tariff barriers as part of the negotiations.

The recent discussions follow the 14th Ministerial-level meeting of the India-US Trade Policy Forum, co-chaired by Indian Commerce Minister Piyush Goyal and US Trade Representative Katherine Tai. This forum has played a crucial role in strengthening bilateral trade ties and fostering economic cooperation between the two nations.

During his visit to the US from March 3-7, Goyal met with key US officials to further advance discussions on the BTA, which aims to integrate supply chains and promote trade across various sectors.

Despite India's readiness to negotiate terms that could include tariff reductions on certain products, there remains caution regarding agricultural imports, a significant area of contention.

The US is keen on increasing its agricultural exports to India, while India seeks to protect its domestic industries from potential adverse impacts of reduced tariffs.

The overarching goal is to significantly boost bilateral trade, with aspirations to reach USD 500 billion by 2030, a substantial increase from the current levels of around USD 200 billion.

As negotiations progress, both countries are expected to engage in further discussions to finalise the initial phase of this mutually beneficial trade agreement by fall 2025. The outcome of these talks will be pivotal in shaping future India-US trade relations and addressing existing tariff challenges.

ANI