US Trade Delegation Expected to Visit India in June for Bilateral Negotiations
US Trade Talks with India Expected to Resume Next Month
The US Commerce Secretary has announced plans for a US delegation to visit India next month for trade talks, although the exact dates have yet to be confirmed. Commerce Secretary Rajesh Agrawal made the statement on Friday, providing an update on the ongoing trade negotiations between the two countries.
The Indian side recently visited Washington, DC, in April for in-person meetings with their US counterparts to finalize the details of the interim pact and take forward the negotiations under the broader bilateral trade agreement (BTA). The visit marked a significant step towards reaching a trade agreement between the two nations.
According to Agrawal, the US team is expected to visit India soon, with the visit likely to take place next month. The Commerce Secretary also confirmed that India is engaged with the US on trade deal negotiations, with the agreement expected to be signed at an opportune time. Furthermore, India is also engaged with the US on section 301 investigations.
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A significant milestone in the trade talks between India and the US was reached in February, when the two countries issued a joint statement finalizing a framework for an interim trade agreement. The framework reaffirmed the countries' commitment to the broader India-US Bilateral Trade Agreement negotiations.
The trade data for the last fiscal year highlights the growth in trade between the two countries. India's shipments to the US grew marginally by 0.92% to USD 87.3 billion, while imports increased 15.95% to USD 52.9 billion. As a result, the trade surplus declined to USD 34.4 billion from USD 40.89 billion.
| Year | India's Shipments to the US (USD billion) | US Imports from India (USD billion) | Trade Surplus (USD billion) |
|---|---|---|---|
| Last Fiscal Year | 87.3 | 52.9 | 34.4 |
| Previous Fiscal Year | - | - | 40.89 |
The trade talks between India and the US are expected to continue in the coming months, with the US delegation's visit likely to be a crucial step towards reaching a trade agreement.
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