In India, the Ministry of External Affairs (MEA) said on Friday that the India-US trade deal is meant to lower tariffs and non-tariff barriers, maintain market access, and sustain supply chain linkages between the two countries. MEA spokesman Randhir Jaiswal said ongoing discussions were about improving bilateral trade in goods and services, on the basis of which there was mutual economic benefit.
Jaiswal said both sides will engage and negotiate a mutually beneficial multi-sector bilateral trade agreement (BTA) during Prime Minister Modi’s visit to the United States last month. Both nations, he says, are located to foster an environment that allows for increased trade and investment opportunities.
As part of this broader effort, Jaiswal also said that Union Commerce Minister Piyush Goyal’s recent visit to the US was also taking place. The two governments continue to work actively towards the promotion of a multi-sector bilateral trade agreement. This agreement is intended to give a boost to India-US two-way trade in goods and services, widen market access, lower tariffs and nontariff barriers, and integrate supply chains between the two countries to a greater extent, he added.
In recent times, trade partnership between India and the US has grown, looking for additional means to create economic cooperation between both nations. When businesses on both sides benefit from the BTA, it is expected to touch on key sectors such as technology, pharmaceuticals, and manufacturing.
The MEA also spoke about a separate issue arising out of a security breach during External Affairs Minister S Jaishankar’s UK visit. Britain’s ties with its former colony have soured considerably and India has formally notified its deep concerns to UK authorities and sought a thorough investigation into the matter.
The ongoing India-US trade negotiations and a strong bilateral relationship in the years to come is likely to see greater economic synergy.
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