India and US Work to Expand Trade, Reduce Tariffs and Market Barriers: Prasada
Photo Credit: @JitinPrasada
India and the United States are actively working towards expanding market access, reducing import duties, and eliminating non-tariff barriers to strengthen bilateral trade. Minister of State for Commerce and Industry Jitin Prasada informed Parliament that both nations are negotiating a trade agreement aimed at enhancing supply chain integration and fostering a fair trading environment.
In a written reply to the Lok Sabha, Prasada clarified that the US has not yet imposed reciprocal tariffs on India, with the deadline set for April 2. His statement comes ahead of the US trade delegation’s visit from March 25-29, where discussions on tariff reductions and trade expansion will take center stage.
The Indian government is reportedly considering cutting tariffs on over 55% of US imports worth $23 billion as part of the first phase of negotiations. This move aims to prevent retaliatory US tariffs, particularly on steel and aluminum, which were recently subject to a 25% duty under the Trump administration.
The Ministry of Commerce and Industry reaffirmed India’s commitment to a mutually beneficial trade partnership, emphasizing productive discussions with US officials to deepen economic ties.
Source: Business Standard
