The interim commerce deal could be an preliminary step in direction of a complete bilateral free commerce settlement between Indian and the US….experiences Asian Lite Information

India is anticipated to finalise an interim commerce take care of america as early as this week, aiming to avert a proposed tariff hike on its exports by President Donald Trump, in accordance with the Monetary Instances.

India’s negotiating group, led by Particular Secretary Rajesh Agarwal, is engaged in high-level talks in Washington to conclude the bilateral commerce settlement.

Exterior Affairs Minister S Jaishankar is anticipated to carry one-on-one talks along with his US counterpart Marco Rubio on Tuesday or Wednesday on the sidelines of a gathering in Washington, the report said.

The interim commerce deal could be an preliminary step in direction of a complete bilateral free commerce settlement between Indian and the US.

Indian and US negotiators are aiming to finalise an interim commerce deal forward of the July 9 deadline that has been mounted by US President Donald Trump for the 90-day pause on new tariffs that have been to be levied on Indian merchandise.

Negotiations are anticipated to proceed after that for an even bigger commerce deal to be signed in September-October.

The US is searching for broader market entry for its agricultural and dairy merchandise, however for India, this can be a livelihood concern for the nation’s small farmers and therefore is taken into account a delicate space.

India could enable the import of choose agricultural merchandise, reminiscent of almonds, as these are already flowing into the nation. Nevertheless, as a quid professional quo, India is prone to press for improved entry to the US marketplace for seafood merchandise like shrimp and fish, in addition to spices, espresso, and rubber- segments the place Indian exporters are globally aggressive however face tariff competitors within the American market.

India has already began shopping for extra oil and fuel from the US to scale back the commerce surplus and has provided to extend these purchases.

India has proposed important tariff reductions, doubtlessly decreasing common duties from 13 per cent to 4 per cent, in change for exemptions from US tariff hikes imposed throughout the Trump administration. These concessions are on the identical traces as these provided within the current bilateral free commerce settlement that India has signed with the UK.

India is searching for market entry for its industrial merchandise reminiscent of metal, aluminium, auto parts and pharmaceutical items. Just lately, the US doubled safeguard duties on metal and aluminium imports to 50 per cent, which has adversely impacted India’s exports. Though India has moved the WTO with the difficulty, it’s hoping to settle the difficulty by means of the bilateral commerce settlement.

Commerce between India and the US touched the $129 billion mark in 2024, with New Delhi recording a commerce surplus of $45.7 billion.

In February, Prime Minister Narendra Modi and Trump launched ‘Mission 500’, an initiative aiming to double bilateral commerce to $500 billion by 2030. The joint determination was introduced throughout PM Modi’s go to to Washington.