India continues to be “fully engaged” with the U.S. on a Bilateral Trade Agreement, Commerce Secretary Sunil Barthwal mentioned on Thursday, nevertheless including that the date for the subsequent spherical of negotiations has not but been determined.
He reiterated the deadline for the deal as fall 2025, or September-October 2025, as introduced by Prime Minister Narendra Modi and U.S. President Donald Trump.
Official sources have additionally confirmed that India was working with each the U.Okay. and the EU to fast-track the implementation of the respective trade offers India was concluding with them. During the Indian crew’s go to to Washington in July to proceed negotiations on the deal, it had been determined that the subsequent spherical would happen in New Delhi over the past week of August.
However, so much has modified since then. US President Donald Trump on July 31 permitted a 25% tariff on imports from India, after which on August 6 permitted a further 25% tariffs as a “penalty” for India’s imports of Russian oil. Mr. Trump has additionally indicated that additional negotiations wouldn’t happen till the Russia oil subject was resolved.
Against this backdrop of uncertainty, Mr. Barthwal mentioned that negotiations on the BTA had been nonetheless progressing.
Negotiations progressing
“We are fully engaged with the U.S. on the trade negotiations,” Mr. Barthwal mentioned at a press briefing. “There was a joint statement that was given by the U.S. President and our Prime Minister where it was said India and the U.S. would engage in a bilateral trade agreement and simultaneously we would also aim to more than double our trade to $500 billion.”
“Those talks are going on,” he added. “The BTA talks are going on. We are engaged.”
However, Mr. Barthwal added that the ultimate date for the subsequent spherical of negotiations can be determined nearer to the final week of August.
According to official sources who declined to be named, the negotiations and engagement between India and the U.S. was going down at completely different ranges.
“One level is at the negotiating team’ level, another one happens at the Ministers’ level, the third happens at the diplomatic levels, and we also engage the different industries of the U.S. to look into their issues,” the official defined.
Other offers being fast-tracked
The India-United Kingdom Comprehensive Economic and Trade Agreement (CETA), signed in July, is now within the last stage the place the UK is concluding its due processes in its Parliament.
“We have requested the UK to fast-track this process so it comes into force as early as possible,” one other authorities supply mentioned. They added that the Trade and Economic Partnership Agreement (TEPA) between India and the EFTA international locations — Iceland, Liechtenstein, Norway and Switzerland — would come into pressure on October 1.
“With the EU, we are fast-tracking the negotiations,” they defined. “But a lot of work has progressed and it was decided that the FTA would be concluded by the end of December. It has made good progress and there are further meetings that are going to happen, at the negotiators’ level, the Secretary level, and at the Ministerial level.”
With Oman, the talks on a trade settlement have concluded and the deal will likely be signed “very soon”, when the dates are determined by each international locations.
Good progress with ASEAN international locations
The negotiating crew representing the Association of Southeast Asian Nations (ASEAN) international locations was in India between August 10-14 to evaluation the Trade in Goods Agreement between the 2.
“We are telling them that we need to increase trade between India and ASEAN,” the official mentioned. “Everybody is concerned about the uncertain global policy environment. They have realised that both ASEAN and India move forward and improve trade between the two blocks.”
They added that India and the ASEAN international locations weren’t solely taking a look at tariff points but in addition non-tariff points, reminiscent of Sanitary and Phytosanitary (SPS) measures and Technical Barriers to Trade (TBT) and regulatory compliances.
“Since these are issues that require deep analysis, that analysis is going on,” the official mentioned. “This round has been quite fruitful. There is a lot of clarity on how we should move forward.”
