Continuous dialogue, communication between India and US over bilateral trade agreement: MoS Jitin Prasada

New York, Apr 26 (PTI) India and the US have a continuous dialogue and communication on the bilateral trade deal and the first tranche is set to roll out by fall this year, Minister of State for the Ministry of Commerce & Industry and the Ministry of Electronics & Information Technology Jitin Prasada said.

Prasada made these remarks while addressing members of the Indian-American community at an interactive session organised by the Consulate General of India in New York on Friday.

India and the US “share a great relationship, and there is continuous dialogue and communication between both countries. The last dialogue that Prime Minister (Narendra) Modi and President (Donald) Trump had, the formalities and modalities of the bilateral trade agreement have been worked out, and by September, this fall, you will see the first tranche of our programme and policies,” Prasada said.

At the beginning of the event, a moment of silence was observed to pay respects to the victims of the Pahalgam terror attack in which 26 civilians were killed and many more injured.

Prasada commenced his address to the diaspora by expressing his condolences to the bereaved families and victims of the “tragic and most dastardly” act of terrorism in Kashmir.

In his remarks at the event, attended by prominent members of the Indian-American community, senior banking, finance and corporate executives as well as students, Prasada urged the diaspora community to give suggestions about what issues should be taken up in the bilateral trade agreement so that those can be taken into account".

"In the same vein, he said the community should also put in its suggestions to the US government, so that when both governments talk, your suggestions are prioritised.” “We are open to those ideas and suggestions. I can assure you that things are looking very positive. You will hear very positive outcomes,” he said.

He said that the engagement between the United States and India over the trade deal is happening at various levels, beginning right from the leadership of President Trump and Prime Minister Modi. Currently, the Additional Secretary of Commerce is in Washington and discussing the bilateral trade agreement and its modalities, he said.

Deliberations between Indian and US officials on the proposed bilateral trade agreement began in Washington on Wednesday with an aim to iron out issues and give an impetus to the negotiations.

India’s chief negotiator, Additional Secretary in the Department of Commerce Rajesh Agrawal, is leading the team for the first in-person talks between the two countries.

The US has stated that the pact with India will help open new markets for American goods and create new opportunities for workers, farmers and entrepreneurs in both countries.

On April 15, Commerce Secretary Sunil Barthwal had stated that India will try to close the negotiations as quickly as possible with the US.

In a joint statement issued after their bilateral meeting in Washington in February this year, President Trump and Prime Minister Modi had announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.

The leaders had committed to designating senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology).

India and the US have been engaged in negotiating the bilateral trade agreement since March.

Both sides have targeted to conclude the first phase of the pact by the fall (September-October) of this year, with an aim to more than double the bilateral trade to USD 500 billion by 2030, from about USD 191 billion currently.

Earlier this week, US Vice President JD Vance and Prime Minister Modi had welcomed significant progress in the negotiations for the US-India Bilateral Trade Agreement and formally announced the finalisation of the Terms of Reference for the negotiations, laying down a roadmap for further discussions about shared economic priorities.

A statement from Vance’s office had said that guided by their respective visions of ‘Amrit Kaal for India’ and ‘Golden Age for America,’ the trade agreement is expected to create new opportunities for growth for workers, farmers and entrepreneurs in both countries.

Prasada further said that the Indian diaspora is the “living bridge" between the United States and India, and “you bring that energy and that connection which bonds two nations.” Highlighting the “great synergy” between the two nations, he said America has the tech, India has the talent and “that's where the winning formula lies. This continuous engagement between our two countries, you are the contributors who make that bond stronger.” “We want the best, and we want to collaborate with the world, and that's where America and India have great synergy,” he said. PTI YAS AMS

Source: PTI