United States Secretary of the Treasury, Scott Bessent, on Tuesday said that trade negotiations with India are ‘moving well’ and stated that Prime Minister Narendra Modi and US Vice President JD Vance made ‘good progress’ while the latter was in India.
During the press brief, Bessent said, “US Vice President JD Vance was in India last week. He and PM Modi made some very good progress, so I could see some announcements on India.”
| Washington, DC | United States Secretary of the Treasury, Scott Bessent says, “…US Vice President JD Vance was in India last week. He and PM Modi made some very good progress, so I could see some announcements on India…”
(Source: The White House/ YouTube)
— ANI (@ANI)
When asked if a tariff deal can happen soon, Bessent replied that the US and India are very close on it and the negotiations are ‘moving well’. He said that it is easier to negotiate with India as compared to many other countries.
He said, “We are very close on India, and it is easier to negotiate with India than many other countries because they have very high tariffs… So it is much easier to confront the direct tariffs as we go through these unfair trade deals that have been put in place over decades, but the non-tariff trade barriers can be much more insidious and also harder to detect.”
“So, a country like India, which has posted and ready tariffs, makes it much easier to negotiate with them. So I think the Indian negotiations are moving well,” Bessent continued.
| Washington, DC | United States Secretary of the Treasury, Scott Bessent says, “We are very close on India and it is easier to negotiate with India than many other countries because they have very high tariffs…So it is much easier to confront the direct tariffs as we go…
— ANI (@ANI)
India on Tuesday said that the meetings for negotiation of Bilateral Trade Agreement (BTA) with the US are making ‘positive progress’.
Earlier, PM Modi had visited the US in February this year and held a bilateral meeting with US President Donald Trump.
Now, as part of ongoing BTA discussions, representatives of India’s Department of Commerce and the Office of the US Trade Representative met in Washington, DC, from April 23 to 25. This follows earlier bilateral discussions held in March in New Delhi.
In a statement, the Ministry of Commerce and Industry said that during the meetings in Washington, DC, the team had fruitful discussions on various topics, including tariff and non-tariff matters.
“The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, including through opportunities for early mutual wins. While productive Sectoral expert-level engagements have taken place through the virtual format, in-person Sectoral engagements are planned from end May,” the Ministry in the statement said.
These discussions are part of bilateral efforts in line with the Leaders’ Statement of February 2025 to improve and expand India-US economic ties and supply chain integration through the BTA.
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