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Washington DC [US], February 3:
The US-India Strategic Partnership Forum (USISPF) on Tuesday welcomed the India-US trade deal. According to the forum, the agreement will benefit businesses, workers, and consumers in both countries.
In an official statement, the USISPF praised US President Donald Trump and Prime Minister Narendra Modi. Notably, the forum said both leaders showed strong commitment to deepening the US-India economic partnership.
Tariff Cut Signals Positive Momentum
Importantly, the forum said the reduction in India’s reciprocal tariff from 25 per cent to 18 per cent marks a positive first step. At the same time, it noted that the announcement reflects strong political will on both sides.
According to the USISPF, the proposed Bilateral Trade Agreement will address tariffs, market access, and non-tariff barriers. In addition, the agreement will cover trade-related issues across several key sectors.
Focus on Supply Chains and Growth
Moreover, the forum said the trade deal will strengthen supply chains in both nations. As a result, the agreement will enhance economic resilience and support long-term growth.
Meanwhile, the USISPF clarified that this announcement represents only the beginning of the process. Going forward, both governments will continue negotiations in the coming months.
Push Toward USD 500 Billion Trade Target
Reaffirming its commitment, the USISPF said it will work closely with the governments of India and the United States. Ultimately, the forum aims to help expand bilateral trade to the USD 500 billion target.
Furthermore, the forum said stronger trade and investment ties will promote a stable, resilient, and rules-based Indo-Pacific region.
Details of the Tariff Reduction
Following the announcement by President Trump and Prime Minister Modi on February 2, the United States reduced tariffs on Indian goods to 18 per cent. Additionally, the US removed the extra 25 per cent levy linked to India’s purchase of Russian oil.
Overall, the trade deal is expected to boost investor confidence and strengthen economic cooperation between the two nations.
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