PM Modi, US President Trump agree to push forward negotiations on multi-sector Bilateral Trade Agreement: Sources
New Delhi [India], March 8 (ANI): Prime Minister Narendra Modi and US President Trump have agreed to push forward negotiations on a multi-sector Bilateral Trade Agreement (BTA), according to sources.
This mutually beneficial agreement, finalised in February 2025, aims to boost market access, reduce tariffs and non-tariff barriers, and enhance supply chain integration.
To achieve this, both leaders have decided to designate senior representatives to advance the negotiations. This move demonstrates their commitment to strengthening trade ties and promoting economic cooperation between the two nations, sources said on Saturday.
The BTA is expected to impact various sectors, including goods and services. By increasing market access and reducing barriers, the agreement will facilitate smoother trade flows and create new opportunities for businesses on both sides.
An Indian delegation led by Commerce and Industry Minister Piyush Goyal visited Washington from March 3 to 6, 2025, to meet with the US Commerce Secretary, the US Trade Representative, and their teams.
These discussions are part of a broader effort to boost bilateral trade to USD 500 billion by 2030. The agreement will focus on various sectors, including energy, defense, and technology.
India has already reduced its average applied tariffs for key developed countries like Australia, UAE, Switzerland, and Norway under recently concluded trade agreements.
Similar negotiations are currently underway with the European Union and the United Kingdom, among other partners. The ongoing discussions with the United States should be seen in this context, said the sources
Meanwhile, in February, Prime Minister Narendra Modi visited Washington, DC, where both the leaders set an ambitious goal to double bilateral trade to USD 500 billion by 2030.
According to a statement from the Prime Minister's Office (PMO), the leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative, and supply chains more resilient. They also 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 USD 500 billion by 2030. (ANI)
(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)
