India-Rus Trade Agreement: Negotiations fast, Indian party will visit America next week

For the proposed bilateral trade agreement (BTA) between India and the US, the two countries have finalized Terms of References (TORS) with around 19 chapters. These include important issues like goods, services and customs facilities.

According to Indian official sources, before starting a formal interaction related to the agreement, an Indian delegation is going to America next week to resolve differences between the two countries. The delegation will be led by Rajesh Aggarwal, who is currently appointed as the new Commerce Secretary of India, who is currently the Additional Secretary in the Department of Commerce. Aggarwal will take his new office from October 1.

Preparations for high level conversation

A few weeks ago, a high -level American party came to India, after which the Indian party is now visiting America. This journey shows that the negotiations of bilateral trade agreement between the two countries are moving fast. Earlier in March, a meeting between senior officials was attended by American Assistant Trade Representative Brendon Lynch.

Benefits of relief in tariff

The two countries want to take advantage of the 90 -day tariff relief declared by US President Donald Trump, with the rate of reciperook tariff to all other countries except China to 10 percent.

Target of agreement

India’s Commerce Secretary Sunil Barthwal said on April 15 that India wants to complete the talks with America as soon as possible. The two countries are aiming to complete the first phase of this agreement by September-October. The purpose of this agreement is to increase bilateral trade from the current US dollars to US $ 500 billion by the year 2030.

In the trade agreement, the two countries either reduce or completely eliminate the customs duty on most of the goods to be traded between them. This increases trade and investment. The US has been India’s largest trading partner from 2021-22 to 2024-25.