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India and the US have set a target of ₹48 lakh crore ($500 billion) in bilateral trade with tariffs reduced for India, the Directorate General of Trade Remedies (DGTR) said on Wednesday, June 10.
India is set to gain preferential access to the US market worth more than ₹2,850 lakh crore under the proposed India-US Bilateral Trade Agreement (BTA), DGTR officials said.
The agreement is also projected to create employment opportunities in labour-intensive sectors such as textiles and leather.
"Trade opportunities for young people in digital and advanced technology sectors will become easier and more accessible," officials said.
The announcement comes over a week after another round of negotiations that took place in New Delhi from June 2 to 4.
Efforts to diversify trade ties
India has been trying to diversify trade ties after its largest trading partner, the US, slapped a 50% tariff last year, upending the country's global trade strategies.
India now has nine major FTAs covering 38 countries, with six agreements signed between 2014 and 2026.
FTAs collectively account for bilateral trade worth about ₹17 lakh crore. The department described the shift as a move away from an "imbalance-dominated" Regional Comprehensive Economic Partnership (RCEP) approach towards a network of FTAs spanning 38 countries.
Also Read: Indian firms among targets in EU's new Russia sanctions package
India is set to gain preferential access to the US market worth more than ₹2,850 lakh crore under the proposed India-US Bilateral Trade Agreement (BTA), DGTR officials said.
The agreement is also projected to create employment opportunities in labour-intensive sectors such as textiles and leather.
"Trade opportunities for young people in digital and advanced technology sectors will become easier and more accessible," officials said.
The announcement comes over a week after another round of negotiations that took place in New Delhi from June 2 to 4.
Efforts to diversify trade ties
India has been trying to diversify trade ties after its largest trading partner, the US, slapped a 50% tariff last year, upending the country's global trade strategies.
India now has nine major FTAs covering 38 countries, with six agreements signed between 2014 and 2026.
FTAs collectively account for bilateral trade worth about ₹17 lakh crore. The department described the shift as a move away from an "imbalance-dominated" Regional Comprehensive Economic Partnership (RCEP) approach towards a network of FTAs spanning 38 countries.
Also Read: Indian firms among targets in EU's new Russia sanctions package
