The government on Friday said the three-day talks with the US authorities on the first phase of the bilateral trade agreement (BTA) concluded on a constructive note, with both sides agreeing to stay engaged to sustain the momentum ahead. Both sides discussed several areas, such as market access, non-tariff measures, technical barriers to trade, customs and trade facilitation, investment promotion, economic security alignment and digital trade, the Commerce and Industry Ministry said in a statement.
“The meetings were conducted in a constructive and positive spirit, with meaningful and forward-looking discussions enabling progress on key matters. Both sides agreed to remain engaged to maintain this momentum as they move forward,” it said.
India and the US issued a joint statement on February 7 finalising a framework for an interim trade agreement regarding reciprocal and mutually beneficial trade.
According to that framework, the US had agreed to reduce tariffs on India to 18 per cent, from 50 per cent. It had removed the 25 per cent tariffs on Indian goods for buying Russian oil and was to cut the remaining 25 per cent to 18 per cent under the pact.
But on February 20, the US Supreme Court ruled against Trump’s reciprocal tariffs, which were imposed under the 1977 International Emergency Economic Powers Act (IEEPA).
After that, the President announced the imposition of 10 per cent tariffs on all countries for 150 days, starting February 24.
The framework reaffirmed the countries’ commitment to the broader India-US Bilateral Trade Agreement negotiations.
The Indian side has visited Washington, DC, for an in-person round of meetings with their US counterparts to finalise the details of the interim agreement and take forward the negotiations under the broader BTA, it added.
The broader Bilateral Trade Agreement negotiations were launched by US President Donald Trump and Prime Minister Narendra Modi on February 13, 2025.