The highly anticipated bilateral trade agreement between India and the US is close to reaching a successful conclusion, according to US Treasury Secretary Scott Bessent. This deal would allow India to avoid the 26% reciprocal tariffs and increase trade to $500 billion by 2030. Negotiators from both countries are currently meeting in Washington to finalize the terms of the agreement, which is expected to be concluded by the fall of this year. With both sides eager to reach an agreement before the July tariff deadline, this deal has the potential to greatly benefit both nations' economies.
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US Vice President JD Vance has declared that the US and India have officially finalized terms for the trade negotiation during his address to a gathering in Jaipur. This move is seen as a vital step towards realizing the goal set by President Trump and Prime Minister Modi to reach a $500-billion annual bilateral trade target within the next five years. The two countries are currently in talks to strike a trade deal before the 90-day pause imposed by Trump ends, but are hopeful of reaching an agreement before the deadline. Vance also highlighted the two countries' shared priorities of creating jobs, building supply chains, and achieving prosperity for their respective workers, as well as their close military relationship.
In a move to boost economic ties between the two countries, US Vice-President JD Vance announced that America and India have finalized terms for a trade deal. This comes amid rising concerns over the impact of President Trump's reciprocal tariffs. Speaking at an event in Jaipur, Mr Vance emphasized the need for fair and mutually beneficial trade partnerships with countries that value labor rights and promote balanced, open, and stable global trade.
After a meeting between Prime Minister Narendra Modi and US Vice President JD Vance, the two leaders have announced the Terms of Reference for a bilateral trade agreement. The aim of this agreement is to establish a results-driven agenda that will benefit both countries. United States Trade Representative Jamieson Greer has expressed the need for balance and reciprocity in the trade relationship with India, and the TOR serves as a roadmap to achieve this goal. The vice president, who is currently on a visit to India, has called PM Modi a great leader and looks forward to strengthening the friendship between the two countries.
After finalizing the terms of reference for the bilateral trade agreement, India's delegation is set to visit Washington, D.C next week to iron out any issues before beginning official negotiations. The trade pact between India and the US is aimed at boosting bilateral trade from the current $191 billion to $500 billion by 2030. The negotiations will be led by Rajesh Agrawal, who is expected to become India's next Commerce Secretary. Discussions on the India-Middle East-Europe Economic Corridor (IMEC) also took place during Italian Prime Minister Giorgia Meloni's visit to meet US President Donald Trump. Both countries are working towards developing the project that will connect India, GCC, Israel, Italy, and the US, and is said to be one of the biggest economic integration and connectivity projects of the century.
India and the US have finalized the terms of reference for talks over a bilateral trade deal, with hopes for a "win-win shape and form" in the next 90 days. As two of the largest trading partners, this deal could have significant impacts on the economies of both countries. The talks will continue virtually and regularly, with India believing it is ahead in negotiations compared to other countries.
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The Indian Prime Minister's Office (PMO) has intervened to swiftly finalize the Terms of Reference (ToR) for a Bilateral Trade Agreement (BTA) with the United States. The ToR outlines the framework for negotiations and was still pending as US negotiators left India after four days of talks. US President Donald Trump hinted at possible relief for India from sweeping tariffs, while the United States Trade Representative (USTR) raised concerns over various Indian trade barriers, putting pressure on India to amend its trade policies. However, experts warn that India must assess each demand through its own national priorities and values.