GUWAHATI: India and the United States will focus on enhancing market access, reducing tariffs and non-tariff barriers, and strengthening supply chain integration as they begin negotiations for a Bilateral Trade Agreement (BTA).
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This was revealed by Lok Sabha Minister of State for Commerce Jitin Prasada in a written response to the Parliament on Tuesday, March 11. He said that the US has not imposed any reciprocal tariffs on India so far, but also noted that the US has issued a Memorandum on Reciprocal Trade and Tariffs, under which the Secretary of Commerce and the US Trade Representative will assess the impact of non-reciprocal trade agreements on the US economy.
Based on their findings, reciprocal tariffs may be imposed. “The government continues to engage with the United States to expand and strengthen bilateral trade relations in a mutually beneficial and fair manner,” Prasada reportedly said.
He also highlighted the "Mission 500" initiative, under which both nations aim to more than double their trade volume to $500 billion by 2030 through deeper cooperation across various sectors.
Addressing another query, the minister explained that India’s tariff policy is designed to regulate trade, safeguard domestic industries, and generate revenue through duties on imports and exports. “Recent reforms have aimed at simplifying tariff structures and facilitating trade,” he added.
