India’s Commerce Minister Piyush Goyal and USTR Jamieson Greer held discussions on reciprocal tariffs and the first phase of a Bilateral Trade Agreement. The meeting focused on trade issues ahead of US tariffs implementation, emphasizing market access and cooperation. The BTA aims to be finalized in 7-8 months, balancing India’s sensitivity with US demands.
A meeting between India’s Commerce and Industry Minister Piyush Goyal and the newly appointed United States Trade Representative (USTR) Jamieson Greer addressed the topic of reciprocal tariffs and the initial phase of the bilateral trade agreement (BTA). This discussion included Washington’s plans to implement tariffs starting April 2, emphasizing the urgency of trade negotiations between the two nations.
Ambassador Jamieson Greer remarked on the productive nature of his conversation with Minister Goyal, highlighting ongoing discussions on reciprocal trade and market access within the framework of President Trump’s America First Trade Policy. The emphasis was placed on expanding collaboration in trade.
Goyal referenced a ‘forward looking’ discussion with Greer regarding a mutually beneficial BTA, aligning with the ideals of ‘India First’, ‘Viksit Bharat’, and the Comprehensive Strategic Partnership. This engagement signals a new chapter in India-US trade relations, as it is the first formal announcement of their meeting last week.
The bilateral trade agreement, as stated by Prime Minister Modi and President Trump, aims for completion within seven to eight months, focusing on increasing market access and mitigating both tariff and non-tariff barriers as well as enhancing supply chain integration.
India is methodically formulating its trade offer to align with the US expectations while addressing national sensitivities. The strategy involves compiling a list of products on which India is willing to lower tariffs in order to counteract the impact of upcoming US tariffs.
In previous statements, President Trump noted that India had consented to lower tariffs, and Commerce Secretary Howard Lutnick indicated that the US is pursuing a comprehensive trade agreement with a focus on detailed discussions for specific products, which could extend the timeline for finalization. India sought exemption from these tariffs, but Trump has consistently emphasized that preferential treatment will not be afforded due to India’s elevated tariff structure.
In conclusion, the discussions between India and the United States regarding reciprocal tariffs and the initial phase of the bilateral trade agreement highlight significant steps forward in their trade relationship. The focus remains on fostering cooperation while addressing individual concerns within a mutually beneficial framework. Both nations are committed to navigating the complexities of trade negotiations to achieve a successful outcome by targeting reduction in tariffs and enhancing market access.
Original Source: www.business-standard.com
