India US Trade Talks: This can be a relief news for India. The long wait for a trade deal between India and America, which is facing high American tariffs, may now end soon. mint According to the report, the American tariff imposed on Indian goods can be reduced by 15 to 16 percent. At present, about 50 percent US duty is being imposed on goods imported from India.

According to the report, the main focus of the proposed agreement between America and India is on energy and agriculture sectors. Also, Washington, which is trying to reduce global dependence on oil supplies from Russia, is trying to get India to gradually reduce its purchases of oil from Moscow. Discussion is also going on on this issue.

India-America trade deal in final round

The talks between the two countries mainly focus on increasing mutual cooperation in the energy and agriculture sectors. Both these areas were at the center of attention in earlier talks also. mint Quoting officials related to the matter, it has been said that the talks have now reached the final stage and an agreement can be reached before the ASEAN summit to be held at the end of this month. Along with this, there is also a possibility of a formal announcement.

However, neither the Indian Commerce Ministry nor the White House has given any official response in this regard so far.

Emphasis on agriculture and energy

Under the agreement, India may allow increased imports of some American agricultural products — such as non-genetically modified corn and soymeal. This may put an end to the long running dispute regarding access of American products to the Indian agricultural market.

In return, the US tariff rates imposed on Indian goods can be reduced by about 15 to 16 percent. This cut will make Indian products, especially textiles, medicines and engineering goods, more competitive in the US market.

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India and America are two major economies of the world and are also important business partners of each other. There is a trade of billions of dollars every year between the two countries. If for some reason the trade between India and America stops completely, then it is a big question that who will suffer the most. If trade between India and America is completely closed, then both countries will be clearly affected, but in this situation India will suffer more loss. Let’s know in detail about this.

Who will suffer more loss

India’s economy is much smaller than the US and its dependence on global trade is more. America is the largest export market in India, a large part of areas like pharmaceuticals, IT services, textiles, gems-jewelery. If the business suddenly stops, then these industries will be hit directly, due to this, not only the income of these companies will fall, but the jobs of millions of people will also be in danger. Foreign exchange reserves, new investment and startup sectors will also have a serious negative effect.

What do data say

First of all, look at the figures. In the year 2023-24, the total bilateral trade between India and the US has been around $ 118 billion. In this, India exported about $ 77 billion to the US, while imported from the US about $ 41 billion. That is, India has a trade surplus of about $ 36 billion with America. If the trade stops then India will suffer loss, because the American market is the biggest customer for Indian IT companies, pharma and textile industry. Millions of jobs will be directly affected. About 60 percent of the IT sector earnings come from the US itself.

America will cost generic medicines expensive

In contrast to this, if we talk about America, then the options of Indian market and supply may be fast available for there, especially electronics, clothes and some medicines. Yes, but America can also find generic medicines and some other items expensive and many companies will have to find a new supplier. But the big and diverse economy of America and many of its business partners can get rid of this loss quickly.

What will be the condition of America

Overall, the loss of the US market for India will have a more serious impact on its economy and industries, while the impact on America will be relatively limited. For this reason, experts believe that in the event of such a business captive, India will get more shock in both economic and social terms.

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