In a written reply to the Lok Sabha, Minister of State for Commerce and Business Jitin Prasada stated India-US bilateral commerce settlement negotiations have been launched in March 2025.
5 rounds of negotiations have been held, the final being from July 14-18th, 2025, at Washington, he stated.
The US staff is visiting India from August 25 to carry the subsequent spherical of commerce talks.
“To safeguard the pursuits of farmers and the home business, worldwide commerce negotiations permit for the inclusion of delicate, unfavorable, or exclusion lists — classes of products on which restricted or no tariff concessions are granted,” he stated.
As well as, in case of surge in imports and harm to the home business, a rustic is allowed to take recourse to commerce remedial measures similar to anti-dumping and safeguards on imports. Throughout 2021-25, the US was India's largest buying and selling associate. The US accounts for about 18 per cent of India's complete items exports, 6.22 per cent in imports, and 10.73 per cent in bilateral commerce. With America, India had a commerce surplus (the distinction between imports and exports) of USD 35.32 billion in items in 2023-24. It was USD 41 billion in 2024-25 and USD 27.7 billion in 2022-23.
In 2024-25, bilateral commerce between India and the US reached USD 186 billion. India exported USD 86.5 billion in items whereas importing USD 45.3 billion.
In a separate reply, he stated the US didn't settle for India's request for consultations underneath an settlement of the World Commerce Organisation (WTO) regarding American tariffs on metal, aluminium, and associated by-product merchandise, Parliament was knowledgeable on Tuesday.
The US has maintained that these measures have been launched on the grounds of nationwide safety, Prasada stated in a written reply to the Lok Sabha.
India, nevertheless, considers these measures to be safeguard actions that ought to have been notified and subjected to consultations underneath the WTO's Settlement on Safeguards (AoS).
“India has accordingly reserved its proper to droop considerably equal concessions (proper to impose equal commerce measures in response) as a result of US's non-compliance with its obligations underneath the AoS,” he stated.
In one other reply, the minister stated India has not taken any choice to droop or prohibit commerce or tourism actions with Turkey and Azerbaijan.
Nevertheless, the import from Turkey has declined from USD 3.78 billion in 2023-24 to USD 2.99 billion in 2024-25.
The key objects imported from Turkey throughout 2024-25 embrace Petroleum Crude, Gold, Inorganic Chemical substances, Granite, Pure Stones and Plane & Spacecraft components.
The key objects of import from Azerbaijan throughout 2024-25 embrace Completed Leather-based, Medical and Scientific Devices, Uncooked Hides and Skins, Fruits/Greens Seeds and Hand Instruments, Reducing Instruments of Metals.
