News India Live, Digital Desk: India-as bta talks: India and the United States will start a ministerial meetings in Washington from 17 May to assess the progress of dialogue for the proposed bilateral trade agreement, to provide political guidance to the chief negotiaters and to further the efforts to deepen economic relations.
The official said that during his four-day visit, Commerce and Industry Minister Piyush Goyal will discuss the agreement with first US Commerce Secretary Howard Lutenik and later US Trade Representative (USTR) Zamison Greer.
The official said, “The minister will discuss the political level to give political direction to the talks. They will assess the progress made in the last two months.” This will be Goyal’s second visit to America.
After the ministerial meeting, there will be discussions between the chief negotiaters of the two countries from May 19 to May 22.
These meetings are taking place at a time when the two countries are exploring the possibility of interim trade system in goods to ensure “early mutual benefits” before finalizing the first phase of the trade agreement by autumn (September-October) this year.
The main issues that will be considered in the talks include market access, rules of origin and non-tariff barriers.
India’s proposal to impose retaliation under WTO criteria on some US products against US tariffs on steel and aluminum will also be discussed in BTA discussion.
The goals of New Delhi and Washington officials aim to take advantage of the 90-day tariff break period to carry forward the talks.
The US has suspended an additional 26 percent tariff on India till 9 July. It was announced on 2 April to bridge the rising trade deficit.
However, the basic tariff of 10 percent imposed on these countries will be applicable.
To speed up the talks, India’s chief negotiator Rajesh Aggarwal, Special Secretary in the Department of Commerce, and Assistant American Trade Representative for South and Central Asia, Brandon Lynch held a three-day discussion in Washington last month.
In March this year, Goyal held bilateral meetings with Greece and Lutnik.
India and the US have already started regional level talks for the agreement.
In order to promote bilateral trade, India is demanding a fee concession for labor, gems and jewelery, leather items, apparel, plastic, chemicals, shrimp, oilseeds, chemicals, grapes and bananas in the proposed agreement with the US.
On the other hand, the US wants fee concession in areas such as some industrial items, automobiles (especially electric vehicles), wine, petrochemical products, dairy, agricultural products such as apples and trees.
The terms of reference (TOR) for BTA by India and the US have been finalized, including about 19 chapters, including issues such as tariffs, goods, services, rules of generation, non-tariff barriers and customs facilities.
The US has expressed concern over some non-tariff obstacles faced by American goods in Indian markets on many occasions.
The US will remain India’s largest trading partner in the fourth consecutive year 2024-25, which will be US $ 131.84 billion. America accounts for about 18 percent of India’s total goods exports, 6.22 percent in imports and 10.73 percent in the country’s total goods trade.
India’s trade surplus (difference between import and export) in terms of goods in 2024–25 with the US was US $ 41.18 billion. 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. The US has expressed concern over this growing trade deficit.
Gold Rate Today: Gold prices continue to fall heavy, these are gold prices on Saturday 17 May
