External Affairs Minister S. Jaishankar on Friday said the he has discussed with US Secretary of State Rubio the importance of quickly finalising the Bilateral Trade Agreement during their recent conversation. Jaishankar noted the need for swift action to conclude the deal, which will strengthen economic ties between India and the US.
"Good to speak with Secretary Rubio today. Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch," Jaishankar wrote in a post on X.
Meanwhile, experts agree that India should accelerate discussions for the proposed trade deal, as it holds the potential to address long-standing non-tariff barriers in sectors like chemicals, telecom equipment, and medical devices, which were specifically mentioned in recent US tariff statements.
The agreement could also pave the way for Mutual Recognition Agreements (MRAs) for standards and testing protocols, which would help reduce regulatory friction and improve market access in these critical industries.
A delegation of US officials, led by Assistant U.S. Trade Representative for South and Central Asia, Brendan Lynch, visited India last month to finalise the terms and framework of the proposed trade agreement. The pact is designed to significantly boost bilateral trade, aiming to more than double it to USD 500 billion by 2030, up from the current $191 billion.
Although both nations have set a goal to conclude the first phase of the agreement by the fall (September-October) of this year, the complexity of trade negotiations suggests that the process could take several years to complete.
A government official told PTI that India was the only country where the Trump administration had sent its trade team, underscoring the importance of the talks. The official also expressed hope that India would successfully navigate the additional 27 percent import duty imposed by the US starting April 9, and manage any potential challenges arising from the new tariffs.
"Good to speak with Secretary Rubio today. Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch," Jaishankar wrote in a post on X.
Meanwhile, experts agree that India should accelerate discussions for the proposed trade deal, as it holds the potential to address long-standing non-tariff barriers in sectors like chemicals, telecom equipment, and medical devices, which were specifically mentioned in recent US tariff statements.
The agreement could also pave the way for Mutual Recognition Agreements (MRAs) for standards and testing protocols, which would help reduce regulatory friction and improve market access in these critical industries.
A delegation of US officials, led by Assistant U.S. Trade Representative for South and Central Asia, Brendan Lynch, visited India last month to finalise the terms and framework of the proposed trade agreement. The pact is designed to significantly boost bilateral trade, aiming to more than double it to USD 500 billion by 2030, up from the current $191 billion.
Although both nations have set a goal to conclude the first phase of the agreement by the fall (September-October) of this year, the complexity of trade negotiations suggests that the process could take several years to complete.
A government official told PTI that India was the only country where the Trump administration had sent its trade team, underscoring the importance of the talks. The official also expressed hope that India would successfully navigate the additional 27 percent import duty imposed by the US starting April 9, and manage any potential challenges arising from the new tariffs.
