India’s prime minister, Narendra Modi, and U.S. Vice President JD Vance on Monday hailed the “significant” progress made in trade talks between the two sides during Vance’s visit to India.
Vance, who was in India on a mostly personal trip with second lady Usha Vance and his family, met Modi in New Delhi.
A statement from Modi’s office said the two leaders “welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. Bilateral Trade Agreement.”
Vance and Modi also reviewed and positively assessed the progress in various areas of bilateral cooperation, and noted “continued efforts” in enhancing cooperation in areas like energy, defense and strategic technologies.
The two leaders also exchanged views on various regional and global issues of mutual interest, and called for dialogue and diplomacy.
India was hit with a 26% “reciprocal” tariff on April 2, before the levies were suspended for 90 days by U.S. President Donald Trump on April 9, leaving a 10% baseline tariff.
On Monday, U.S. Trade Representative Jamieson Greer said the USTR and India’s Ministry of Commerce and Industry have “finalized the terms of reference to lay down a roadmap for the negotiations on reciprocal trade.”
He added, “there is a serious lack of reciprocity in the trade relationship with India,” but said “India’s constructive engagement so far has been welcomed and I look forward to creating new opportunities for workers, farmers, and entrepreneurs in both countries.”
Back in February, Modi and Trump had agreed to more than double bilateral trade between New Delhi and Washington to $500 billion by 2030.
U.S. total goods trade with India is estimated at $129 billion in 2024, according to the Office of the U.S. Trade Representative. India’s surplus with the United States, reached $45.7 billion last year.
Source: CNBC