India Strengthens Trade Ties with the US Amid Rising Exports

India is boosting its exports to the US while considering increasing imports of shale gas, LNG, and crude oil to diversify its import basket. Both countries are in talks for a bilateral trade agreement, with uncertainties around US tariffs on steel and auto components influences the negotiations.

India is witnessing a surge in exports to the United States, while exploring opportunities to import shale gas, LNG, and crude oil as part of an effort to diversify its import basket. Officials indicate that these items are competitively priced in the US, presenting a strategic advantage.

This week marks the commencement of a new round of talks between the two nations concerning a proposed bilateral trade agreement. Officials are keen on striking a balanced deal, despite lingering uncertainties over potential US tariffs on steel and a stay on court orders against US tariff decisions.

India, aiming to safeguard its interests, is prepared to impose retaliatory tariffs if necessary and has engaged the WTO over US tariffs on auto components. Meanwhile, there's a mutual goal set at increasing bilateral trade to USD 500 billion by 2030, up from USD 191 billion.

(With inputs from agencies.)