New Delhi [India], March 13 : Reports suggesting that India would hold off on a trade deal with the United States were dismissed on Friday by Government of India sources.
The Government of India sources said that the claims made were "incorrect and misleading".
"The claim that India will hold off a trade deal with the United States is incorrect and misleading," sources said.
The United States and India last month announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025
As part of the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
On the other hand, the United States will impose a reciprocal tariff of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods and certain machinery. Subject to the successful conclusion of the Interim Agreement, the US has said it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts.
India also intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.
Meanwhile, in the last week of February, sources in the Commerce Ministry said that the proposed meeting of the chief negotiators of India and the US in Washington, DC, for finalising discussions on the proposed India-US trade deal will be rescheduled.
"The two sides are of the view that the proposed visit of the Indian Chief Negotiator and the team should be scheduled after each side has had the time to evaluate the latest developments and their implications. The meeting will be rescheduled at a mutually convenient date," sources in the Commerce Ministry said.