English हिन्दी
Connect with us

India News

India, US to increase market access, cut tariff, non-tariff barriers: Centre tells Lok Sabha

He addressed concerns raised by US President Donald Trump’s recent claims that India had agreed to significantly reduce its tariffs.

Published

on

India and the United States are gearing up to negotiate a comprehensive trade agreement aimed at boosting bilateral commerce, increasing market access, reducing tariffs and non-tariff barriers, and enhancing supply chain integration, the Centre told Lok Sabha on Tuesday.

In a written reply, Minister of State for Commerce and Industry Jitin Prasada informed the Lok Sabha that both countries are committed to negotiating a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA). He emphasized that the focus will be on expanding market access, lowering tariff and non-tariff barriers, and strengthening supply chain collaboration.

The announcement comes amid ongoing discussions between the two nations to deepen economic ties. During Prime Minister Narendra Modi’s visit to Washington last month, India and the US pledged to more than double their bilateral trade to $500 billion by 2030. They also agreed to finalize the first phase of the BTA by the fall of 2025.

In 2023, the total bilateral trade in goods and services between India and the US stood at 190.08 billion with190.08 billion, with 123.89 billion in goods and 66.19 billion in services. India’s merchandise exports to the US were 66.19 billion in services. India’s merchandise exports to the US were 83.77 billion, while imports totaled 40.12 billion, resulting in a trade surplus of 40.12 billion resulting in a trade surplus of 43.65 billion in India’s favor. The US has consistently been India’s largest trading partner since 2021.

The US recently issued a memorandum on reciprocal trade and tariffs on February 13, directing the Commerce Secretary and the US Trade Representative (USTR) to investigate the impact of non-reciprocal trade arrangements on American interests and propose remedies. However, Prasada clarified that the US has not yet imposed reciprocal tariffs on India.

Commerce Secretary Sunil Barthwal informed a Parliamentary panel on Monday that negotiations between India and the US are ongoing, and no agreement on trade tariffs has been finalized. He addressed concerns raised by US President Donald Trump’s recent claims that India had agreed to significantly reduce its tariffs.

India’s tariff policy is designed to regulate trade, protect domestic industries, and generate revenue through import and export duties. Recent reforms have focused on simplifying the tariff structure and facilitating trade. As a member of the World Trade Organization (WTO), India adheres to bound tariff rates, with applied tariffs generally lower than the maximum permissible levels.

Prasada also highlighted India’s efforts to expand its trade network through Preferential Trade Agreements (PTAs) and Free Trade Agreements (FTAs). Currently, India is part of 13 FTAs and 9 PTAs, with ongoing negotiations with the European Union, the United Kingdom, and Oman.

Key Indian exports to the US in 2023-24 included engineering goods (17.62billion), electronics (17.62 billion), electronics (10 billion), gems and jewellery (9.9billion), petroleum products (9.9billion), petroleum products (5.83 billion), textiles (4.7billion), and marine products (4.7billion), and marine products (2.5 billion).

The proposed India-US trade agreement is expected to further strengthen economic ties between the two nations, fostering greater collaboration and creating new opportunities for businesses on both sides. As negotiations progress, the focus remains on achieving a balanced and mutually beneficial outcome that addresses the interests of both countries.

India News

Nawaz Sharif urges Shehbaz Sharif to pursue diplomacy over aggression against India

Nawaz Sharif has advised Prime Minister Shehbaz Sharif to avoid aggression and focus on diplomacy following India’s suspension of the Indus Waters Treaty.

Published

on

Nawaz-Sharif

In a significant development amidst escalating regional tensions, former Pakistan Prime Minister Nawaz Sharif has urged his younger brother and current Prime Minister, Shehbaz Sharif, to adopt a diplomatic approach rather than an aggressive stance towards India.

During a meeting in Lahore on Sunday evening, Shehbaz Sharif briefed Nawaz Sharif about the government’s recent actions against India, following India’s decision to suspend the Indus Waters Treaty (IWT) after the Pahalgam attack. The Pakistani government, in response, had closed its airspace for India and reportedly stepped up its readiness to counter any hostile moves.

Sources indicate that Shehbaz Sharif expressed concerns about India’s suspension of the water-sharing agreement, warning that it could escalate tensions dangerously in the region. He emphasized Pakistan’s preparedness to respond strongly if necessary.

However, Nawaz Sharif, founder of the ruling Pakistan Muslim League-Nawaz (PML-N), advised a more measured path. He recommended using all diplomatic avenues to de-escalate tensions and restore peace with India. Nawaz Sharif stressed the importance of avoiding any aggressive actions that could worsen the situation.

In a related move, Pakistan’s Defence Minister Khawaja Asif has suggested the formation of an international commission comprising representatives from countries like the United States, Russia, China, and Britain to investigate the Pahalgam attack, seeking broader international involvement in addressing the conflict.

The ongoing situation between India and Pakistan remains delicate, with calls from within Pakistan’s leadership for calm and dialogue to prevent further deterioration.

Continue Reading

India News

Asaduddin Owaisi criticises Bilawal Bhutto’s remarks amid Indus Waters Treaty row

Asaduddin Owaisi hits out at Bilawal Bhutto Zardari for his provocative “blood will flow” remark after India suspended the Indus Waters Treaty, highlighting the tragic consequences of terrorism.

Published

on

Pakistan Foreign Minister Bilawal Bhutto Zardari

AIMIM leader and Hyderabad MP Asaduddin Owaisi has strongly rebuked Pakistan People’s Party (PPP) leader Bilawal Bhutto Zardari over his controversial statement following India’s suspension of the Indus Waters Treaty. Owaisi reminded Bhutto of the tragic assassinations of his mother, former Pakistan Prime Minister Benazir Bhutto, and grandfather, former President Zulfikar Ali Bhutto.

Bilawal Bhutto, who was Pakistan’s Foreign Minister till 2023 and remains an influential figure in the ruling coalition, had issued a provocative warning after India’s decision, reportedly saying, “The Indus is ours and will remain ours – either our water will flow through it, or their blood.”

Responding to these remarks, Owaisi said Bhutto should reconsider his words, recalling how terrorism claimed the lives of his mother and grandfather. “Forget about such childish talk. His mother was killed by terrorists. He should not speak in this manner,” Owaisi said, stressing that terrorism must be condemned universally and not selectively.

Owaisi also criticised Pakistan’s leadership for threatening India with nuclear weapons, highlighting the brutality of recent terror attacks. “If you enter a country and kill innocents, no nation will remain silent,” he said. He compared extremist elements to the Khawarij and ISIS sympathisers, known for their radical ideologies.

The assassination of Benazir Bhutto in Rawalpindi in December 2007 has long been linked to extremist groups, though the case remains unresolved.

Bilawal Bhutto’s comments have sparked wide condemnation across India’s political spectrum. Union Minister Hardeep Singh Puri suggested that Bhutto should undergo a mental health evaluation, while Congress MP Shashi Tharoor labelled the remarks “inflammatory.” Tharoor warned that any aggression from Pakistan would be met with an appropriate response, asserting, “If blood is going to flow, it will possibly flow more on their side than ours.”

Continue Reading

India News

India inks Rs 63,000 crore deal for 26 Rafale-M jets to strengthen naval fleet

India has signed a ₹63,000 crore deal with France to acquire 26 Rafale M fighter jets, strengthening the Navy’s capabilities aboard INS Vikrant and INS Vikramaditya.

Published

on

India has finalized a major ₹63,000 crore agreement with France for the acquisition of 26 Rafale M fighter jets, enhancing its maritime strength significantly. This government-to-government deal, signed on Monday, includes 22 single-seater and four twin-seater trainer variants, with delivery expected by 2031.

The deal not only covers the procurement of the jets but also includes comprehensive fleet maintenance, logistical support, and training for Navy personnel. In a notable boost to the ‘Atmanirbhar Bharat’ initiative, indigenous manufacturing of several components will be undertaken under offset obligations.

The Rafale M, currently operated only by the French Navy, is renowned for its superior capabilities among naval fighter jets globally. It features Safran Group’s reinforced landing gear, folding wings, and a robust undercarriage designed to endure the tough conditions of carrier-based operations.

The Indian Navy plans to deploy these new Rafale-M fighters aboard its aircraft carriers, INS Vikrant and INS Vikramaditya, replacing the ageing fleet of MiG-29K aircraft. This move is expected to significantly bolster India’s maritime defense capabilities, especially amid rising security challenges in the Indian Ocean region.

In December, Navy Chief Admiral Dinesh Tripathi emphasized a strategic shift to “negate” any infringement in India’s operational areas, highlighting the preparedness to counter threats from neighboring regions.

India’s Air Force, which already operates 36 Rafale ‘C’ variant jets from northern bases, will also benefit indirectly through upgrades to systems like the ‘buddy-buddy’ aerial refueling capability, allowing fighter jets to stay airborne for extended missions.

Looking ahead, the Navy is also progressing toward the induction of indigenous fifth-generation, twin-engine deck-based fighters, being developed by the Defence Research and Development Organisation (DRDO). These fighters will complement the Air Force’s upcoming Advanced Medium Combat Aircraft (AMCA), further strengthening India’s air and maritime security architecture.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com