PM Modi Heralds India-US Interim Trade Agreement
On Saturday, Prime Minister Narendra Modi expressed his enthusiasm over the finalization of a framework for an interim trade agreement between India and the United States.
Dubbed “excellent news for India and the USA,” he extended his gratitude to US President Donald Trump for his “personal commitment to nurturing robust bilateral ties” between the two nations.
PM Narendra Modi expresses gratitude to Donald Trump following the announcement of the India-US interim trade framework.
Commenting on this significant development, Modi asserted that the framework embodies the “growing depth, trust, and dynamism” inherent in the India-US partnership and emphasized its potential to bolster the Make in India initiative.
He noted it would unlock new avenues for farmers, entrepreneurs, micro, small, and medium enterprises (MSMEs), startup innovators, and fishermen. Live updates on India-US trade deal
“This framework signifies the expanding depth, trust, and dynamism of our alliance. It reinforces ‘Make in India’ by unveiling fresh opportunities for our industrious farmers, entrepreneurs, MSMEs, startup innovators, fishermen, and beyond. It will create substantial employment prospects for women and youth,” the Prime Minister stated on X.
Details Surrounding the Announcement
The announcement came in conjunction with a joint statement released earlier in the day by both nations, wherein India and the United States formally introduced the interim framework for the much-anticipated trade agreement disclosed earlier this month.
In welcoming this development, Prime Minister Modi remarked that it would fortify resilient and trustworthy supply chains while contributing to global economic growth.
He added, “As India advances towards the goal of a Viksit Bharat, we remain dedicated to forging future-oriented global partnerships that empower our populace and foster shared prosperity.”
This interim trade framework represents the culmination of extensive negotiations aimed at alleviating trade tensions and broadening market access on both fronts.
The framework announced on Saturday delineates reciprocal tariff reductions along with sector-specific market access commitments and is designed to act as a conduit toward a comprehensive Bilateral Trade Agreement (BTA).
Trump Abolishes Penalty Tariffs
In tandem with the framework, US President Donald Trump executed an executive order terminating the 25% penalty tariff levied on Indian goods.
This order is contingent upon what the US administration describes as India’s commitments regarding energy and strategic alignment, reiterating Trump’s assertion that India will cease importing Russian oil “directly or indirectly” while boosting purchases of American energy products.
Previously, when questioned by reporters about Trump’s claims regarding Russian oil imports, Ministry of External Affairs spokesperson Randhir Jaiswal underscored that the energy security of 1.4 billion Indians remains the government’s “supreme priority.”
He articulated that India’s strategy centers around diversification, stating, “Diversifying energy sourcing in alignment with prevailing market conditions and evolving international dynamics is fundamental to our approach. All of India’s decisions are made and will be made with this principle in mind.”
Source link: Hindustantimes.com.
