Are Trade Talks with the US Progressing Well? FM Sitharaman Says Yes
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Synopsis
In a recent statement, India's Finance Minister Nirmala Sitharaman declared that trade negotiations with the US are making significant headway. This development coincides with impending tariffs from President Trump's administration, providing a pivotal moment for India as it strengthens its international trade relations.
Key Takeaways
- Trade talks between India and the US are advancing positively.
- The US tariffs are set to take effect on August 1.
- The India-UK FTA is a 'game-changing' agreement.
- It offers duty-free access for 99% of Indian exports to the UK.
- The agreement is seen as India's largest and most significant FTA.
New Delhi, July 26 (NationPress) Finance Minister Nirmala Sitharaman announced on Saturday that the discussions regarding trade with the United States are advancing positively. This statement arrives just ahead of the US President Donald Trump's country-specific tariffs that are set to be implemented from August 1.
At a book launch event in the national capital, FM Sitharaman noted that the trade discussions with both the US and the UK are progressing favorably.
“While I cannot make a judgment on the state of bilateral trade, it's clear we are making progress in our negotiations with the US and EU,” FM Sitharaman stated, according to media reports.
Previously, Trump mentioned that by August 1, his administration aims to finalize most of its trade agreements.
During a press briefing at the White House, Trump indicated that his administration might send correspondence regarding tariff rates to nearly 200 nations, signifying that “They have a deal. It’s done.”
“August 1 is approaching, and we expect to have the majority, if not all, of our agreements completed,” Trump told reporters before his trip to Scotland, as reported by the Yonhap news agency.
“When those letters are dispatched... that indicates they have a deal. It’s finalized,” he elaborated. “They will pay that tariff, which constitutes the essence of the contract.”
In related news, India recently concluded a free trade agreement (FTA) with the UK.
Commerce and Industry Minister Piyush Goyal praised the India-UK FTA, labeling it a 'game-changing' arrangement that offers significant opportunities for farmers, entrepreneurs, small and medium enterprises, young professionals, and fishermen.
“The Indian Cabinet has already ratified the India-UK FTA, and once the UK Parliament completes its ratification process, the agreement will become effective,” he stated during a press conference.
The Commerce Minister emphasized that among all the FTAs India has secured, the one with the UK is the “largest, most comprehensive, and most significant.”
“After nearly 22-23 years of negotiations, India and the UK have established a mutually beneficial FTA,” he remarked.
The agreement, named the Comprehensive Economic and Trade Agreement (CETA), guarantees unprecedented duty-free access for 99% of India's exports to the UK, encompassing nearly the entire trade spectrum.
Point of View
The ongoing trade discussions between India and the US highlight India's proactive approach to enhancing its global economic footprint. FM Sitharaman's insights reinforce India's commitment to navigate challenges while fostering mutually beneficial trade agreements.
NationPress
27/07/2025
Frequently Asked Questions
What is the status of India-US trade talks?
India's Finance Minister Nirmala Sitharaman stated that trade talks with the US are progressing well, especially ahead of the upcoming tariffs set by the Trump administration.
What is the India-UK free trade agreement?
The India-UK free trade agreement is a significant deal that aims to provide duty-free access for 99% of India's exports to the UK, marking a comprehensive economic partnership.
