It was claimed in a report that a deal is about to be made between India and America. After which now Union Minister Piyush Goyal has given a statement. Commerce and Industry Minister Piyush Goyal says that negotiations for the proposed trade agreement between India and America are going well. Soon a fair and better deal will be announced between the two parties.
Goyal said in a conversation that we America Are in constant discussion with and recently Commerce Secretary went to America and met and discussed with American counterparts. Negotiations are ongoing and we hope that a fair and balanced agreement will be reached soon.
It is noteworthy that during the last week, the Indian team led by Commerce Secretary Rajesh Aggarwal had gone to Washington, where talks were held with American officials for 3 days regarding trade talks. This meeting ended on 17 October.
Tariff tension in India and America
America has imposed 50 percent tariff on the import of Indian goods. In this, 25 percent extra tariff has been imposed on India as a penalty for purchasing Russian oil. But now there is talk of reducing it from 50 to 15 percent under the trade agreement. A report also says that America will very soon reduce the tariff to 15 to 16 percent.
On the other hand, the report also claims that India can open markets to America for some agricultural products like corn. However, till now there has been no response from the Government of India regarding all these things.
India-US trade deal targets
The target of the trade deal between the two countries is to increase bilateral trade from the current $191 billion to more than $500 billion by 2030. America is India’s largest trading partner for the fourth consecutive year. The value of bilateral trade in 2024-25 is $ 131.84 billion, of which exports are $ 86.5 billion, which is 18 percent of India’s total exports and 6.22 percent of imports and 10.73 percent of total trade.
According to government data, due to high tariffs, India’s exports to America declined by 11.93 percent to $5.46 billion during the month of September. Whereas imports increased by 11.78 percent to reach 3.98 billion dollars.
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