Skip to content
Search

Latest Stories

India, US to engage regularly to resolve trade issues

INDIA and the US will engage regularly to resolve outstanding trade issues, the Indian government said, after US commerce secretary Wilbur Ross met his Indian counterpart Suresh Prabhu on Monday (6).

India and the US are locked in disputes over tariffs, price caps India has imposed on imported US medical devices and over rules banning companies from selling products via firms in which they have an equity interest.


"Both sides agreed to engage regularly at various levels to resolve outstanding trade issues by exploring suitable solutions, which are mutually beneficial," the government said in the statement.

US commerce secretary Wilbur Ross had said earlier on Monday (6) he planned to discuss India's new e-commerce rules that could have an impact on operations of firms such as Amazon and Walmart with his Indian counterpart.

India also prohibits companies from making deals with sellers to sell exclusively on their platforms, rules which could affect investment plans of foreign firms in India's fast-growing market set to touch $200 billion by 2027.

"Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including government, businesses and entrepreneurs," the government said.

In March, US president Donald Trump announced plans to end preferential trade treatment for India that allows duty-free entry for up to $5.6bn worth of its exports to the US.

India is the world's biggest beneficiary of that trade concession, called the Generalised System of Preferences (GSP), and its withdrawal would be the strongest punitive action against the country since Trump took office in 2017.

Two Indian trade ministry sources had said the government was hoping for a breakthrough in the talks.

One said India wanted the US to review its decision on GSP and also hopes the it will defer its decision to withdraw trade privileges until India's general elections are over on May 19.

Political and security ties between India and the US have grown but trade has become problematic.

Indian officials said both sides are likely to emphasise strategic ties and try to manage trade differences.

"The messaging is a reassurance that the US thinks of India as a strategic partner and the relationship cannot be coloured by differences on trade," one of the sources said.

Total US trade with India stood at $87.5bn in 2018, with the deficit at $21.3bn.

India has held off implementation of new tariffs on the US goods after Washington refused to give it an exemption on higher steel duties.

(Reuters)

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less