A team from the US was set to visit India from August 25 for talks on a proposed trade agreement, but it appears the meeting might be postponed. An official confirmed that this sixth round of negotiations, which includes discussions on market access and tariffs, is likely to be rescheduled.
This delay has become significant especially since the US recently imposed a 50% duty on several Indian goods. Such developments complicate matters further as the US seeks increased access in sensitive areas like agriculture and dairy. India has made it clear that it won’t jeopardize the livelihoods of its farmers by changing its stance on these issues.
Both countries have ambitious goals; they plan to conclude the first phase of the bilateral trade agreement by the fall of 2025. Their aim is to raise bilateral trade from about USD 191 billion to USD 500 billion by 2030.
The US has already implemented a 25% tariff on Indian goods from August 7, and an additional 25% penalty on products linked to Russia will take effect on August 27. Despite these challenges, India’s exports to the US rose by 21.64% between April and July, totaling USD 33.53 billion, while imports increased by 12.33% to USD 17.41 billion. The US remains India’s largest trading partner during this period, bringing in USD 12.56 billion.
The ongoing trade talks and tariffs reflect larger global trends in economics. In recent years, many nations have faced similar trade tensions, affecting how countries navigate their export strategies. Experts believe that India must adapt quickly to these changing circumstances, as engaging proactively in trade can lead to more resilience in its economy.
For further insights into the complex dynamics of international trade, you can explore this US Trade Data Report.
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US, INDIA AND US TRADE, US TEAM, TRADE PACT, DEFERMENT OR RESCHEDULING OF THE MEETING ASSUMES SIGNIFICANCE
