India, US Explore Tariff Concessions

Indian and US negotiators are pushing to close talks for the first tranche of a bilateral trade agreement (BTA) before September and are examining if tariffs can be removed on a majority of goods traded between the two nations, people familiar with the matter said on Friday.

- Rajeev Jayaswal

NEW DELHI:

Negotiators of the two countries are now engaged in sector- and item-specific tariffs and non-tariff issues after both governments approved the terms of reference (TORs) for an ambitious BTA with 'Mission 500'—the February 13 resolve of Prime Minister Narendra Modi and President Donald Trump to boost bilateral trade from around $200 billion to $500 billion by 2030—the people added, requesting anonymity.

The negotiators, these people said, are examining if tariffs can be eliminated on at least 80% of American imports with the US reciprocating with duty-free access for at least 90% of Indian goods, while underlining the fact that nothing has been finalized yet.