March 4th 2025.
The US-India Business Council has called for the removal of non-tariff barriers and bureaucratic obstacles that hinder market access, in order to strengthen trade ties between India and the US. This comes as Commerce Minister Piyush Goyal meets with American officials, including Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, to initiate discussions for a potential trade deal.
Prime Minister Narendra Modi and US President Donald Trump had agreed to begin negotiations for a trade deal during their meeting in Washington, DC last month. Commenting on this, USIBC President Ambassador Atul Keshap expressed his support for both governments and urged them to utilize the trade relationship for mutual growth.
Keshap stressed the need for a comprehensive bilateral trade deal, which he believes is long overdue and has the potential to boost the economies of both countries. He also highlighted the importance of addressing tariffs, particularly in light of Trump's policy on reciprocal tariffs for US trading partners, which has raised concerns globally.
According to Keshap, the US and Indian businesses have been investing in each other's countries for years without a formal trade framework in place. He believes that the current trade volume of only 2.5% between the two countries can be significantly increased with the right policies in place.
In order to achieve this, Keshap called for a level playing field, open market access, efficient dispute resolution, and stable tax and regulatory policies to encourage investment, growth, and job creation in both countries. He emphasized the urgency of dismantling non-tariff barriers and bureaucratic red tape that hinder market access, in order to unlock the full potential of the bilateral agreement.
Keshap concluded by stating that now is the time for ambitious outcomes between Washington and Delhi, and expressed his support for the efforts of both governments. He also commended the enthusiasm of USIBC member companies, both American and Indian, and their desire to deepen the strategic, economic, and technological partnership between the two countries.
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