Indian Prime Minister Narendra Modi and US President Donald Trump have agreed to push ahead with negotiations on a multi-sector bilateral trade agreement (BTA), informed sources said on March 8.
Specifically, the two leaders agreed to resume negotiations on the agreement last month with the aim of promoting market access, reducing tariffs and non-tariff barriers, and enhancing supply chain integration.
To that end, the two leaders decided to appoint senior representatives to facilitate the negotiations. This move demonstrates the commitment of both sides to strengthen trade relations and promote economic cooperation between the two countries.
According to analysts, the BTA will impact many sectors, including goods and services. By increasing market access and reducing barriers, the agreement will facilitate smoother trade flows and create new opportunities for businesses on both sides.
An Indian delegation led by Commerce and Industry Minister Piyush Goyal visited Washington from March 3-7 and met with the Commerce Secretary, the US Trade Representative and other expert groups.
India and the US aim to take bilateral trade to $500 billion by 2030.
Apart from negotiations with the US, India is also holding similar negotiations with the European Union (EU), the UK, and other partners./.
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