India and the US have finalised terms of reference for the ongoing negotiations for completing a bilateral trade agreement between the two countries, said US Vice President JD Vance.
Vance announced that the US and India have finalised the terms of reference for trade negotiations, a vital step towards realising President Trump's and Prime Minister Modi's vision of more than doubling bilateral trade to USD 500 billion by the end of the decade.
The upcoming India-US Bilateral Trade Agreement (BTA) is expected to become a model for India's future trade negotiations with other developed nations, according to a report by ACMIIL, a stock market company.
During a cabinet meeting on Thursday (local time), Trump stated, "There will always be transition problems" with his trade policies with pausing certain tariffs but expressed pride in achieving "the biggest day in history" for markets on Wednesday.
European Commission President Ursula von der Leyen welcomed US President Donald Trump's decision to pause reciprocal tariffs for over 75 countries, calling it an important move to stabilise global trade amid escalating tensions between the US and China.
As US President Donald Trump announced pause on tariffs for 90 days for trade negotiations, India should avoid signing a comprehensive Free Trade Agreement (FTA) with the United States, as it may require India to make harmful trade-offs, suggests Global Trade Research Initiative (GTRI).
The US Secretary of the Treasury highlighted the success of US President Trump's negotiating strategy, which he said has brought over 75 countries forward to engage in trade talks.
Amid the turmoil in the global markets following the tariff announcements made by the US, President Donald Trump has ruled out the possibility of a "pause" on the tariffs on countries during negotiation.
US President Donald Trump on Sunday warned of new and significantly higher tariffs on Chinese goods if Beijing does not withdraw a recent 34 per cent retaliatory tariff hike, threatening to end all ongoing talks with China.
Kevin Hassett, Director of the White House Economic Council, defended the impact of President Donald Trump's tariffs on Sunday (local time) and said that while many countries are upset and retaliating, the tariffs have led to over 50 countries reaching out to the US to begin new trade negoti
In a weekly media briefing, MEA spokesperson Randhir Jaiswal said that the two governments are actively working to build a framework for the Bilateral Trade Agreement (BTA), which will be a multisector agreement beneficial to both nations.
Union Minister of Commerce & Industry Piyush Goyal held a candid and insightful discussion with EU Trade Commissioner Maros Sefcovic in Delhi on Friday.