India and the US desire to give preferential market access to each other’s businesses and teams of both the countries are working together on the proposed bilateral trade agreement, Union Commerce Minister Piyush Goyal has said.
In February, US President Donald J Trump and Prime Minister of India Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025. It is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current level of USD 191 billion.
“Both countries are committed to work together, both countries desire to give preferential access to each other’s businesses and we are working towards the bilateral trade agreement,” Goyal told reporters here. Goyal is on an official visit to Paris to hold talks with French leaders and business representatives to boost trade and investments.
When asked about an announcement of Trump to double tariffs on steel and aluminium to 50 per cent, he also said that the two countries will continue to work together to resolve all these issues bilaterally. “Let us wait and watch ...both the US and India share good relations and we will continue to work together to resolve all these issues bilaterally,” he said.
Trade experts have stated that the further increase in the import duty by the Trump administration would impact Indian exporters, particularly those engaged in value-added and finished steel products and auto-components. On May 30, Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4.
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