India-US Trade Talks Intensify Amid Tariff Tensions

NITI Aayog CEO BVR Subrahmanyam is confident that India and the US will soon finalize a trade deal. Following raised tariffs by the US, India is urged to lower its barriers and bolster competitiveness. Negotiations aim to double the bilateral trade to USD 500 billion by 2030.

NITI Aayog CEO BVR Subrahmanyam expressed confidence on Monday about the near conclusion of a trade deal between India and the US, both committed to a beneficial agreement. He indicated that India might need to lower tariffs and non-tariff barriers to enhance manufacturing competitiveness.

India-US ties have worsened after heightened tariffs by the US on Indian goods were deemed 'unfair' by India. Subrahmanyam stressed the necessity of finalizing the trade deal by November to prevent further economic disturbances.

Further, a proposed Bilateral Trade Agreement seeks to boost trade from USD 191 billion to USD 500 billion by 2030, as leaders of both nations push for concrete agreements. The need for a diversified manufacturing strategy was also highlighted to ensure global competitiveness.

(With inputs from agencies.)