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,” Pankaj Chaudhary said.
India and the US are negotiating a bilateral trade agreement with an aim to double trade to $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.
