In this image provided by PMO, Prime Minister Narendra Modi and the United States Vice President JD Vance Deliver Talks, in Delhi, Monday 21, 2025. (PMO through PTI Photo) (PTI04_21_2025_000565A)
India and the United States have finished the terms of reference describing the road map for negotiations of the Bilateral Commercial Agreement (BTA), according to a statement issued by the United States.
The United States Commercial Representative (USTR) Jamieson Greer said that the thesis on ongoing conversations will help achieve balance and reciprocity by opening new markets for US goods and addressing unfair practices that damage US workers.
“The constructive commitment of India has so far welcomed Bone, and I hope to create new opportunities for workers, farmers and businessmen in both countries,” he said in a statement.
“I am pleased to confirm that the Ustr and India Ministry of Commerce and Industry finished the terms of reference to establish a road map for negotiations on reciprocal trade,” said Ambassador Greer.
He affirmed that there is a “serious” lack of reciprocity in the commercial relationship with India.
India and the United States said Monday that they made a “significant progress” in the negotiations for a bilateral mutual bilateral commercial pact when Prime Minister Narendra Modi and the US vice president JD Vance made broad conversations here.
Vance is the first American vice president to visit India in 12 years after Joe Biden visited New Delhi in 2013.
On February 13, the two countries announced negotiating the BTA. It was decided to finish the first phase of the Pact for Autumn (September-ETIL) of this year.
According to the USTR, the United States is looking for the increase in market access, reducing rates and non -tariff barriers, and negotiating a robust set of additional commitments to guarantee long -term benefits.
The United States has long recognized commercial barriers significantly with India and, as a result, the United States made a commercial deficit of goods of $ 45.7 billion with India in 2024, an increase of 5.1 percent ($ 2.2 billion) over 2023, according to the statement.
“The United States welcomed the rates reductions that India implemented the duration of the meeting of prime ministers (Narendra Modi) with President (Donald) Trump in February and his willingness to further reduce tariffs on US products as part of the BTA,” he added.
The total trade of US goods with India was estimated at $ 129.2 billion in 2024. According to the US, the average applied rate of India is 17 percent, among the highest of the largest economies in the world, while the average applied rate of the United States is.
The average applied rate of India in agricultural products is 39 percent, while the USA is only 5 percent.
“In addition to rates, technical barriers to commerce, regulatory barriers and market access restrictions in service sectors, industrial and agricultural also reduce US exports to India,” he said.
On April 2, President Trump imposed 10 percent of tartries and higher reciprocal reciprocal rates to nations with which the United States has the highest commercial deficits to level the playing field.
“The announcement of Tor (terms of reference) with India is a critical step in negotiations with India to achieve reciprocal trade with one of our most strategic partners and deliver results to the US people,” said the statement.
Tor include problems such as tariffs, non -tariff barriers, rules of origin and customs facilitation.
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Posted on April 22, 2025