Latest news with #RajeshAgarwal
Time of India
7 hours ago
- Business
- Time of India
Shrimps to smartphones & diamond: FIEO identifies 300 top exports to push for US tariff cuts
India's export trade body, FIEO, has pinpointed over 300 high-potential items for export to the US, urging tariff cuts. The list includes frozen shrimps, pharmaceuticals, smartphones, and textiles. While some items like honey represent a smaller export volume, they hold strategic importance in the US market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's export trade body, the Federation of Indian Export Organisations ( FIEO ), has identified over 300 'high potential items' for export to the United States, offering a fresh list for government negotiators to push for tariff cuts, ToI reported. In total, FIEO has drawn up a list of 408 items that it considers commercially important and strategically stable, accounting for over two-thirds of India's total exports to the trade body has called for export promotion and trade facilitation measures for these items, which span from frozen shrimps and pharmaceuticals to smartphones, diamonds, carpets, toilet linen, milled rice and natural honey. While items like pharmaceuticals already form a large chunk of India's exports, shrimps represent a particularly stronghold, accounting for over 40% of all such US the other hand, smaller items such as honey form only a minor part of India's $86.5 billion in overall exports last year, but still represent a quarter of the US market, making them strategically valuable despite the lower list includes multiple textile products, leather goods, footwear, chemicals, engineering items, and electrical and electronics goods—categories where Indian exporters have traditionally had strong market Indian government has already pushed for tariff concessions in several of these areas, particularly those that are labour-intensive. However, Indian exporters could lose their competitive edge in sectors such as shrimps and carpets, where a reciprocal tariff rate of 26%—earlier announced for India—would leave them at a disadvantage compared to global competitors.A team of Indian officials led by Rajesh Agarwal , special secretary in the commerce department, will soon hold talks with US counterparts in an effort to secure favourable terms for Indian exports before the tariffs threatened by US President Donald Trump come into effect on August negotiations are complicated by India's refusal to offer concessions in sensitive categories like farm goods and dairy products. Trump has added further pressure by threatening more duties on countries that continue to align with Brics or purchase oil from sanction-hit the Indian government, there is also concern about a lack of clarity in the tariff demands made by the Trump administration, adding another layer of uncertainty as officials attempt to finalise a deal.
Time of India
14 hours ago
- Business
- Time of India
Trade body identifies 300 high potential items for US exports
Representative image MUMBAI: Trade body Federation of Indian Export Organisations (Fieo) has identified over 300 "high potential items" for exports to the US, highlighting areas, where the government may want to push for tariff cuts. Overall, Fieo has identified 408 items that are commercially important and strategically stable, accounting for over two-thirds of India's exports to the US. It has suggested trade facilitation and export promotion efforts for these items. The products range from frozen shrimps and pharmaceuticals to smartphones and diamonds, carpets, toilet linen, milled rice, and natural honey. While some of these items have a significant share of India's exports, such as medicines, India has a large share of the market for products like shrimps, accounting for over 40% of American imports. In contrast, an item like honey is a small fraction of India's overall exports, pegged at $86.5 billion last year, but it is again a quarter of all shipments into the US. The list also includes several textiles products, leather goods, footwear, chemicals, engineering goods, and electric and electronics goods, where Indian exporters have traditionally been strong. In its negotiations, the government has already demanded tariff concessions for several products, especially labour-intensive ones. Besides, in several cases, such as shrimps and carpets, based on the reciprocal tariff of 26% earlier announced for India, exports would become less competitive as rivals enjoyed a significant edge. A team of Indian negotiators led by Rajesh Agarwal, special secretary in the commerce department, will hold talks with American officials as part of efforts to get a favourable deal for India before Trump's tariffs kick in from Aug 1. Apart from the uncertainty over a trade deal, especially with India insisting on holding back concessions for several farm goods and dairy products, negotiators face additional challenges with Trump mounting further pressure by threatening additional duties on countries that align with Brics or buy oil from sanction-hit Russia. Besides, a section within the government has said that the tariff demands from the Trump administration are not clear. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
4 days ago
- Business
- Mint
Top officials head for Washington as trade deal deadline nears
New Delhi: With the deadline for finalizing the first tranche of the India–US Bilateral Trade Agreement (BTA) now moved to 31 July, the commerce ministry is preparing to dispatch a delegation of senior officials to Washington DC in a bid to close the remaining gaps with their American counterparts, two government officials said. According to the first official, the Indian team—comprising over a dozen representatives from various departments—is expected to leave either this Saturday or early next week. The official dates are yet to be announced. The visit is expected to mark the final full-fledged round of negotiations, setting the stage for a potential announcement of the deal ahead of the revised deadline. The team will be led by India's chief negotiator and commerce secretary-designate Rajesh Agarwal, deputy chief negotiator and joint secretary, ministry of commerce, Darpan Jain, and B.M. Mishra, director and OSD to commerce minister Piyush Goyal. 'The idea is to conclude a meaningful and balanced agreement before the 31 July window. A lot of groundwork has already been done in previous meetings. This visit will aim to settle the pending differences, especially in politically sensitive areas like agriculture and food products,' said the second official aware of the development. The official clarified that India has no plans to open up its sensitive sectors to the US. The US is pushing for greater market access for its agricultural exports, including dairy, poultry, nuts, and processed foods. While India has shown flexibility in areas such as pharmaceuticals, industrial goods, digital trade, and tariff streamlining, the final sticking points remain agriculture and sanitary-phytosanitary (SPS) standards, where US demands have triggered domestic concerns. 'The core challenge is aligning our regulatory protections with US expectations without undermining our own producers. It will take political clarity and legal detailing, and that's exactly what this upcoming round will focus on,' the second official added. The team heading to Washington is expected to include senior officials from the commerce ministry, departments of agriculture, pharmaceuticals, legal affairs, and finance. Talks between India and the US had earlier targeted an 8 July deadline for the first tranche, but this was extended due to complex last-mile hurdles and the need for further internal consultations. India in April got slapped with a 26% tariff on its exports to the US by President Donald Trump. Before the Trump tariffs were implemented, the President announced a three-month pause on them—a deadline that ended on 9 July. However, earlier this month, Trump extended the deadline to implement the tariffs to 1 August and issued letters of revised tariff rates to 22 countries (till 9 July)—Brazil faced the highest at 50%, while Laos and Myanmar were each slapped with a 40% tariff. India has not received such a letter yet, which makes the ongoing trade talks with the US even more important. According to commerce ministry data, Indian goods exports to the US in the last financial year (FY25) increased by 11.6%, from $77.52 billion in FY24 to $86.51 billion in FY25. Imports from the US also rose, but by a smaller margin of 7.42%, increasing from $42.20 billion to $45.33 billion during the fiscal year that ended on 31 March. Queries sent to commerce ministry remained unanswered till press time.
Hans India
04-07-2025
- Business
- Hans India
Interim trade deal with US in 48 hours
New Delhi/Washington: An interim trade deal between India and the US is likely to be signed within the next 48 hours - days before the July 9 deadline on Donald Trump's reciprocal tariffs is set to expire. Sources said the negotiations were in the final stage, with India digging in its heels on its stance of not opening the agriculture and dairy sectors completely to the US. On the other hand, India has sought greater access to labour-intensive industries, including textiles, gems and jewellery, leather goods, plastics, and chemicals. The deal has been entangled in hard bargaining, with the Indian trade delegation, led by special secretary Rajesh Agarwal, having to extend its stay in Washington. The key sticking point has been the Trump administration's demand for wider access to India's agricultural sector. According to sources, India has refused to budge on lowering tariffs on genetically modified corn, soybeans, rice and wheat grown in the US. It has also pushed back against opening up the dairy sector, which employs over 80 million people in India. India's hard stance on agriculture is due to the politically sensitive nature of the sector, with fears that wider foreign access would trigger another round of protests by farmers.
Hans India
03-07-2025
- Business
- Hans India
Intense talks continue to reach interim India-US trade deal ahead of deadline
New Delhi/Washington: As the US reciprocal tariffs deadline looms, hectic parleys are currently underway in Washington, DC, between officials of India and the US on finalising the proposed interim trade deal in the next couple of days. While New Delhi is seeking greater market access for its labour-intensive goods such as garments, footwear, and leather — which are major job creators — Washington wants duty concessions for its agricultural and daily products, according to officials. The Indian trade negotiators have extended their stay in US, signalling a last-minute push to iron out key differences. They have maintained that broader tariff cuts, especially on high-employment goods, are needed to reach the goal of doubling bilateral trade to $500 billion by 2030. The focus of the India-US interim trade deal has narrowed down to reciprocal tariff reductions or removals. India's negotiating team, led by Special Secretary Rajesh Agarwal, is engaged in high-level talks in Washington to conclude the bilateral trade agreement. Indian and US negotiators are aiming to finalise an interim trade deal ahead of the July 9 deadline that has been fixed by US President Donald Trump for the 90-day pause on new tariffs that were to be levied on Indian products. Negotiations are expected to continue after that for a bigger trade deal to be signed in September-October. However, as a quid pro quo, India is likely to press for improved access to the US market for seafood products like shrimp and fish, as well as spices, coffee, and rubber- segments where Indian exporters are globally competitive but face tariff competition in the American market, according to earlier reports. India has already started buying more oil and gas from the US to reduce the trade surplus and has offered to increase these purchases. India has proposed significant tariff reductions, potentially lowering average duties from 13 per cent to 4 per cent, in exchange for exemptions from US tariff hikes imposed during the Trump administration.
