{"id":27180,"date":"2025-02-14T06:11:00","date_gmt":"2025-02-14T06:11:00","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=27180"},"modified":"2025-02-14T06:11:00","modified_gmt":"2025-02-14T06:11:00","slug":"india-us-announce-plans-to-negotiate-first-phase-of-mega-trade-deal-by-this-year","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/india-us-announce-plans-to-negotiate-first-phase-of-mega-trade-deal-by-this-year\/","title":{"rendered":"India, US Announce Plans To Negotiate First Phase Of Mega Trade Deal By This Year"},"content":{"rendered":"
WASHINGTON, Feb 14: In an ambitious move, India and the US agreed to conclude the first phase of a mutually beneficial ambitious trade pact by this year and set a target of USD 500 billion in annual bilateral trade by 2030 even as President Donald Trump asserted that Washington will not spare New Delhi from reciprocal tariffs.
\nIssues relating to trade and tariffs figured extensively in a meeting between Prime Minister Narendra Modi and Trump that took place hours after the US President announced a new reciprocal tariff policy for all the trading partners of the US.
\nAt a joint media briefing with Modi, Trump announced that he and Modi agreed on a deal that would facilitate India to import more US oil and gas to bring down Washington\u2019s trade deficit with New Delhi.
\nThe bilateral trade between India and the US was around USD 130 billion last year and the US trade deficit stands at around USD 45 billion at present.
\nThe two leaders demonstrated mutual commitment to address bilateral trade barriers, according to officials.
\nPM Modi had detailed discussions with President Trump on the concerns that were there on both sides regarding market access and the concerns arising from \u201cother territories\u201d with over capacities that take advantage of consumption in countries like India and the US, sources said.
\nThe two leaders discussed ways and means to address these issues in an overall context and instructed the teams to work together on a mutually beneficial trade deal to address these concerns, they said.
\n\u201cWhatever India charges, we will charge them,\u201d Trump said on tariff, adding \u201cWe are being reciprocal with India.\u201d
\nModi and Trump resolved to deepen the US-India trade relationship to promote growth that ensures fairness, national security and job creation, a joint statement said.
\n\u201cTo this end, the leaders set a bold new goal for bilateral trade \u2013 \u2018Mission 500\u2019 \u2013 aiming to more than double total bilateral trade to USD 500 billion by 2030,\u201d it said.
\nRecognising that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025, it said.
\nTo advance this innovative, wide-ranging BTA, the US and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration, according to the statement.
\nIn his remarks to the press, Trump called import duties imposed by India on certain US products \u201cvery unfair\u201d and \u201cstrong\u201d.
\nThe statement said the US welcomed India\u2019s recent measures to lower tariffs on US \u201cproducts of interest\u201d such as motorcycles, ICT (Information and Communication Technology) products and metals, as well as measures to enhance market access for US agricultural products, like duck meat, and medical devices.
\nIndia also expressed appreciation for Washington\u2019s measures to enhance exports of Indian mangoes and pomegranates to the US.
\nBoth sides also pledged to collaborate to enhance bilateral trade by increasing US exports of industrial goods to India and Indian exports of labour-intensive manufactured products to the US.
\nThe two sides will also work together to increase trade in agricultural goods, the joint statement said.
\nModi and Trump committed to drive opportunities for US and Indian companies to make greenfield investments in high-value industries in each other\u2019s countries.
\nIn this regard, the leaders welcomed ongoing investments by Indian companies worth approximately USD 7.35 billion, such as those by Hindalco\u2019s Novelis in finished aluminium goods at their state-of-the-art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manufacture of critical battery materials in North Carolina.
\nThese investments support over 3,000 high-quality jobs for local families, according to the joint statement.<\/p>\n
\"India,
India, US Announce Plans To Negotiate First Phase Of Mega Trade Deal By This Year<\/figcaption><\/figure>\n<\/div>\n
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WASHINGTON, Feb 14: In an ambitious move, India and the US agreed to conclude the first phase of a mutually beneficial ambitious trade pact by this year and set a target of USD 500 billion in annual bilateral trade by 2030 even as President Donald Trump asserted that Washington will not spare New Delhi from […]<\/p>\n","protected":false},"author":2,"featured_media":27181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,89],"tags":[],"class_list":["post-27180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nIndia, US Announce Plans To Negotiate First Phase Of Mega Trade<\/title>\n<meta name=\"description\" content=\"In an ambitious move, 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