The agreement addresses non-tariff barriers and promotes increased trade in technology products and cooperation between the two countries.
Customs regimes can lead to labyrinthine legal disputes. Budget 2026 must recognise that an excessively defensive Customs posture can itself become a trade barrier, point out Mukesh Butani and Shankey Agrawal.
'We are now awaiting a response from the US; they have to get back to us.'
Trump said that the decision would be "immediately" in effect and that the "order is final and conclusive."
Restoring weighted tax deductions and adopting a petty patents regime can foster firm-level innovative activity critical for competitiveness, points out Nagesh Kumar.
China has filed a complaint against India in the World Trade Organization (WTO) over New Delhi's subsidies for electric vehicles (EVs) and batteries. Commerce secretary Rajesh Agrawal said that the ministry will look at the detailed submissions made by China.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
India is seeking either an exemption or a longer timeline on the pharmaceutical tariffs, expected to kick in by July 31.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
'Amazon, Meta, Google, Microsoft have large operations in India and rely on smooth trade and data flows.' 'Restrictions could raise their costs, limit AI chip exports, and complicate their India strategies.'
India and the US have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington. Both sides are looking at finalising an interim trade deal before August 1. Issues related to agriculture and automobiles figured during the negotiations.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
In a culture where children take up the profession of their father, her becoming a politician was seen as natural and acceptable.
External Affairs Minister S Jaishankar has called on Brazil, Russia, India, China, South Africa (BRICS) to defend the multilateral trading system amid increasing protectionism and tariff volatility during a meeting of the bloc's foreign ministers in New York on the sidelines of the United Nations General Assembly session.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
With a confident new generation of innovators, India now has the scale and self-belief to shape its own digital destiny marked by creation, observes Ajay Kumar chairman, UPSC.
Amid US-China trade tensions and economic vulnerabilities, India must seize the 'China +1' opportunity, deepen reforms, secure FTAs, and globalise its firms for long-term growth, suggests Ajay Shah.
India's new national accounts will leverage new data sources and surveys to enhance the measurement of the country's informal economy, and introduce double deflation methods across sectors, replacing the current system that relies on a single deflation mechanism in Gross Domestic Product (GDP) calculations.
India and the US desire to give preferential market access to each other's businesses and teams of both the countries are working together on the proposed bilateral trade agreement, Commerce Minister Piyush Goyal has said. In February, US President Donald J Trump and Prime Minister of India Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025.
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Global goods trade will grow by 3.3 per cent this year, says WTO.
India has not accepted the demand of the UK for inclusion of a 'data exclusivity' provision in the free trade agreement, announced on May 6, in a bid to protect the interests of the domestic generic drugs industry, an official said. During the negotiations, the UK had asked to include this provision in the trade pact.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
Commerce Minister Piyush Goyal assures Parliament that India will take necessary steps to protect its national interests following the US announcement of tariffs on Indian goods. The government is assessing the implications and engaging with stakeholders.
For India, the challenge is to strike a balance between tactical necessity and economic priorities, point out Pravin Krishna and Monil Sharma.
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
A meeting with Chinese President Xi Jinping on the sidelines of the SCO summit is being planned.
The BRICS nations have expressed concern over the proliferation of trade-restrictive actions in the form of 'indiscriminate rising' of tariffs, particularly measures used as a means of 'coercion', cautioning that such practices risk marginalising the Global South countries.
Prime Minister Narendra Modi congratulated US President Donald Trump on the success of the first phase of a US-brokered peace plan for Gaza and reviewed trade negotiations during a phone conversation.
Of Trump's reciprocal tariffs and trade deals
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
The Budget has given signals that India is sensitive to the US needs and willing to walk the extra mile, but if need be, we should respond in equal measure as a sovereign nation, notes Ajay Srivastava.
'The government is actively engaging with EU to ensure that concerns of Indian companies and hard-to-abate sectors are adequately addressed under CBAM'
New Delhi 'will have to take a call which supply source suits us the best,' the finance minister said, pointing out that crude oil accounts for the bulk of India's foreign exchange spend.
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
'If you compare the data from 2017 and 2023 of the US imports from the world and China, you will see that the US was a complete loser in the trade war, and China was a complete gainer.'
The US wants India to recognise internationally accredited labs, harmonise labelling requirements and the validity period of test reports and certification with global practices, and eliminate retesting requirements.
In the short run, the Trump presidency has already ensured one thing: The assumptions of the past can no longer guide the strategies of the future, points out Manish Dabhade.
Trump may temper his approach from time to time, but to think that he will change his basic philosophy is delusional, asserts T T Ram Mohan.
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