US Commerce Secretary, Howard Lutnick, expressed optimism about finalizing a trade deal with India during a Washington DC trade summit, citing progress in negotiations to boost bilateral trade, valued at $200 billion in 2024.
The agreement aims to reduce tariffs on US agricultural exports, like soybeans, and ease India’s restrictions on tech imports, while granting India access to US markets for pharmaceuticals and textiles. Raimondo highlighted India’s 7% GDP growth as a driver, projecting a $50 billion trade increase by 2027, with 500,000 jobs created across both nations.
Negotiations, ongoing since 2023, address India’s 20% average tariffs and US concerns over intellectual property, with 80% of terms agreed upon. Indian Commerce Minister Piyush Goyal, present at the summit, emphasized mutual benefits, noting India’s $1 trillion infrastructure push requires US technology.
However, Indian farmers protested, fearing competition from US agribusiness, while US tech firms like Apple, with $8 billion in Indian sales, demand stronger data protections. Geopolitical tensions, including India’s neutral stance on Ukraine, complicate talks, but both sides aim to sign by September 2025. The deal, if sealed, could counter China’s $900 billion trade dominance in Asia.
Discover more from RainSMediaRadio
Subscribe to get the latest posts sent to your email.
