Prime Minister Narendra Modi and US President Donald Trump aim to finalise a bilateral trade agreement by 2025. The deal focuses on reducing import duties, removing non-tariff barriers, and increasing trade in oil, gas, and defence equipment. Both leaders plan to enhance trade in agricultural goods, industrial goods, and labour-intensive manufactured products.
Indian government seeks win-win trade deal with the US
India plans to boost its purchase of US energy by two-thirds to $25 billion soon, following discussions between PM Modi and President Trump. Currently, the US is the fifth-largest crude exporter to India. To achieve this increase, US oil and gas must be competitively priced to offset higher freight costs compared to other suppliers.
India and the US have resumed discussions on a limited trade deal to address the trade imbalance. Key outcomes include lower tariffs on US goods and resolved disputes under the WTO. High tariffs remain on Indian textiles, garments, and footwear, with reciprocal tariffs on Indian goods by the US.
India and the United States aim to finalize the first phase of a Bilateral Trade Agreement by fall, focusing on increased market access and reducing trade barriers. This agreement, part of ‘Mission 500’, seeks to double bilateral trade to $500 billion annually by 2030 while enhancing supply chain integration and investment opportunities.
India’s exports of machinery and components to Germany surged to USD 4.13 billion in 2024, an impressive four-fold increase from the previous year, and expected to continue growing in double digits. Indo-German trade, particularly in the machinery sector, remains robust, contributing significantly to bilateral trade growth.
India can attract USD 4 bn investments in logistics sector in next 3 years: LogiMAT India
1 year ago
Maharashtra is set to attract significant investments in India’s evolving logistics sector, with projections of USD 4 billion over the next three years. The event LogiMAT India 2025, featuring more than 200 brands, is expected to showcase advanced technologies and enhance India’s role in global supply chains.
Prime Minister Narendra Modi announced that the U.S. and India aim to double their bilateral trade to $500 billion by 2030, and work on a trade agreement soon. During a press conference with President Donald Trump, Modi highlighted cooperation in artificial intelligence and semiconductors, while Trump emphasized reducing trade barriers and implementing reciprocal tariffs to […]
U.S. President Donald Trump on Thursday warned of 100% tariffs on BRICS nations if they “play games with the dollar,” referring to discussions around non-dollar trade mechanisms. While Trump targeted Brazil, Russia, India, and China, sources clarified that BRICS has no proposal for a single currency, focusing instead on bilateral trade in national currencies.
Speaking to ET, Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal said work is gathering steam at Vadhavan with shore protection works worth Rs 1700 crore already being awarded. The International Container Transhipment Port (ICTP) at Great Nicobar is in an advanced stages of appraisal and approvals, with environmental clearance already in place, he said.
Domestic shipping companies in India are set to benefit from the proposed expansion of the tonnage tax scheme in the new Income Tax Bill, 2025. The scheme, previously limited to seagoing ships, will now include inland vessels, encouraging investments in inland waterways. The bill aims to improve cash flow and viability for both inland and […]