India, US to focus on increasing market access, reducing tariff: MoS Finance

New Delhi, Mar 24 (PTI) India and the US would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration, Minister of State for Finance Pankaj Chaudhary said on Monday.

In a written reply in the Lok Sabha, Chaudhary said India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner.

“Both countries plan to negotiate a mutually beneficial, multi-sector Bilateral Trade Agreement. Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration,” he said.

India and the US are negotiating a bilateral trade agreement with an aim to double trade to USD 500 billion by 2030.

In line with his “America First” policy, US President Donald Trump has announced reciprocal tariffs from April 2 on numerous trading partners, including India, that impose higher levies on imports from the US.