India and US Near Finalization of Trade Agreement, Says US Deputy Secretary
India, US very close to trade deal, need to get over ‘last hurdle’, says top US official
Hindustan Times
Image: Hindustan Times
US Deputy Secretary Christopher Landau announced that India and the US are very close to finalizing a trade deal, needing to overcome a final hurdle. The agreement aims to enhance bilateral trade, targeting $500 billion by 2030, with India seeking preferential access to US markets.
- 01US Deputy Secretary Christopher Landau emphasizes the closeness of a trade deal between India and the US.
- 02The agreement aims for $500 billion in bilateral trade by 2030.
- 03India seeks preferential access to US markets as part of the deal.
- 04The US has agreed to reduce tariffs on Indian goods significantly.
- 05India is looking to recalibrate the agreement following a recent Supreme Court ruling.
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During the Select USA Investment Summit in Maryland, US Deputy Secretary Christopher Landau stated that India and the United States are on the verge of finalizing a significant trade agreement, needing to clear one last hurdle. He highlighted India's status as a major global power and its potential for economic development. The two countries have been negotiating terms for months, with the goal of achieving $500 billion in bilateral trade by 2030. As part of the agreement, the US has committed to reducing tariffs on Indian goods from 50% to 18%. However, following a recent ruling by the US Supreme Court against former President Trump's tariffs, India is working to adjust the agreement to safeguard its interests under the changing global tariff landscape.
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The trade agreement could significantly enhance India's access to the US market, benefiting Indian exporters and potentially leading to job creation.
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