India Seeks Stronger Trade Ties with the US

In a significant move to bolster economic relations, India has expressed its hope to negotiate a "good bilateral trade deal with the United States." This announcement comes as both countries finalize the terms of reference for the first phase of their trade agreement, aiming to enhance bilateral trade to an ambitious $500 billion by 2030.

Progress and Challenges Ahead

According to Indian trade officials, the deal is making "very good progress," with discussions focusing on removing both tariff and non-tariff barriers. However, India has made it clear that it will not negotiate under pressure, emphasizing the importance of securing the interests of its country and people before reaching any agreement.

Global Trade Dynamics

Amidst these developments, the US has announced a 90-day suspension on most tariff increases for key trading partners, including India, while significantly raising tariffs on China to 145%. This move underscores the shifting dynamics of global trade relations and the strategic importance of the India-US trade partnership.