India actively discussing trade pact with US, say minister

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New Delhi, Aug 5 (PTI) India is actively involved in the discussions with the US on the proposed bilateral trade agreement (BTA) with an aim to expand trade and investment, Parliament was informed on Tuesday.
In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said India-US bilateral trade agreement negotiations were launched in March 2025.
Five rounds of negotiations have been held, the last being from July 14-18th, 2025, at Washington, he said.
The US team is visiting India from August 25 to hold the next round of trade talks.
'To safeguard the interests of farmers and the domestic industry, international trade negotiations allow for the inclusion of sensitive, negative, or exclusion lists — categories of goods on which limited or no tariff concessions are granted," he said.
In addition, in case of surge in imports and injury to the domestic industry, a country is allowed to take recourse to trade remedial measures such as anti-dumping and safeguards on imports.
During 2021-25, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade.
With America, India had a trade surplus (the difference between imports and exports) of USD 35.32 billion in goods in 2023-24. It was USD 41 billion in 2024-25 and USD 27.7 billion in 2022-23.
In 2024-25, bilateral trade between India and the US reached USD 186 billion. India exported USD 86.5 billion in goods while importing USD 45.3 billion.
In a separate reply, he said the US did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday.
The US has maintained that these measures were introduced on the grounds of national security, Prasada said in a written reply to the Lok Sabha.
India, however, considers these measures to be safeguard actions that should have been notified and subjected to consultations under the WTO's Agreement on Safeguards (AoS).
'India has accordingly reserved its right to suspend substantially equivalent concessions (right to impose equal trade measures in response) due to the US's non-compliance with its obligations under the AoS," he said.
In another reply, the minister said India has not taken any decision to suspend or restrict trade or tourism activities with Turkey and Azerbaijan.
However, the import from Turkey has declined from USD 3.78 billion in 2023-24 to USD 2.99 billion in 2024-25.
The major items imported from Turkey during 2024-25 include Petroleum Crude, Gold, Inorganic Chemicals, Granite, Natural Stones and Aircraft & Spacecraft parts.
The major items of import from Azerbaijan during 2024-25 include Finished Leather, Medical and Scientific Instruments, Raw Hides and Skins, Fruits/Vegetables Seeds and Hand Tools, Cutting Tools of Metals. PTI RR MR
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First Published:
August 05, 2025, 20:15 IST
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