India and the United States have reportedly reached a key milestone in the ongoing discussions over bilateral trade by finalising the terms of reference for the initial phase of a trade agreement. ‘India is far ahead,’ said a government official, who was cited by a news agency, noting that negotiations with the US were close to reaching a mutually beneficial agreement in the course of the next 90 days.
The official described the potential deal as one that could be handled in a way that is a win-win shape and form’, and optimistic that the pace and direction of the talks are what need to be kind of looked at. The source also spelt out what lies ahead in the next 90 days in one of the most significant trade relationships for India.
During the 2023-24 fiscal year, two-way trade between India and the United States exceeded $118 billion, making the United States India’s biggest trading partner. Given the follwing of global changes in trade alliances as well as economic strategies, both nations see a strengthening of this economic relationship through a structured trade agreement as a necessary step.
It happens at a time when in the past, over former President Donald Trump, the United States imposed a 26 percent tariff on certain Indian goods. But India has not retaliated; instead, it has resorted to constructive engagement. According to current US policy, under the leadership of President Joe Biden, it applies a temporary halt on tariffs for certain countries, such as India, in favour of full discussions on tariff reduction and market access as a whole.
Here, the officials indicated that the trade talks could produce key results on goods and services, digital trade, intellectual property rights, and market access. The pact would be a major breakthrough for strengthening India and US economic ties and creating a stronger, more stable trade framework.
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