The government is holding stakeholder consultations and assessing the challenges, opportunities, and broader impact of the additional tariffs imposed by the US on Indian exports, Commerce Secretary Sunil Barthwal said on Monday.
While India is proactively engaged with the US administration, there has been forward movement in the talks. India expects a "positive outcome" from the trade discussions, Barthwal told reporters.
His comments came against the backdrop of Commerce and Industry Minister Piyush Goyal's meeting with top officials in the US administration -- including US Trade Representative Jamieson Greer and US Secretary of Commerce Howard Lutnick -- in Washington from March 4 to 6. The meeting took place ahead of the implementation of reciprocal tariffs by the US from April 2.
During the meeting, both sides discussed measures needed to raise India-US bilateral trade from $200 billion to $500 billion. The proposed multi-sectoral bilateral trade agreement (BTA) between the two countries was also discussed.
India is currently accelerating efforts to finalise its offer for a BTA with the US, balancing its sensitivities while addressing Washingtons key demands. The government is working on a list of items where India is willing to reduce tariffs to mitigate the impact of reciprocal tariffs.
The BTA aims to increase market access, reduce both tariff and non-tariff barriers, and enhance supply chain integration between the two countries.
Based on stakeholder consultations, India will continue negotiations with the US and resolve issues bilaterally, Barthwal said.
All issues important to both countries will be part of the negotiations We have been engaging with the US side since the last week of February, and a delegation travelled to the US with Commerce and Industry Minister Piyush Goyal Discussions are being carried forward virtually to outline the contours of the BTA, Additional Secretary (Commerce) Rajesh Agrawal said. There were positive talks, and they are continuing, he added.
India is also in discussions with several other countries to sign free trade agreements (FTAs).
We are quite open, engaged, and transparent about it This openness will help grow our trade, Barthwal said.
Currently, India is negotiating trade deals with the US, the UK, the European Union, New Zealand, and Oman. India and Australia are also negotiating a comprehensive FTA.
Shreya Nandi and Asit Ranjan Mishra, Business Standard
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