New Delhi: Amid global concerns over the imposition of reciprocal tariffs by the US, India's External Affairs Minister S. Jaishankar spoke to his US counterpart Marco Rubio. Jaishankar said in a post on social media platform X that the two leaders agreed on the importance of finalising the bilateral trade agreement (BTA) as soon as possible.
Unlike China and some other countries, India has not imposed reciprocal tariffs and instead has chosen the path of entering into a trade agreement that can satisfy the interests and sensitivities of both countries. The main focus of the ongoing talks is on increasing market access, reducing tariff and non-tariff barriers, and strengthening supply chain integration.
The talks between Jaishankar and Rubio took place on a day when global markets declined due to Trump's imposition of reciprocal tariffs and fears of a possible trade war. This was the first high-level conversation between the two countries after the US imposed reciprocal tariffs (26% on India) on several countries, including India, last week.
Jaishankar said in his post that views were exchanged on the Indo-Pacific, Indian subcontinent, Europe, Middle East/West Asia and the Caribbean. There was agreement on the importance of early conclusion of a bilateral trade agreement. Hope to remain in touch.
India has also said that it has already substantially reduced its average tariffs under mutually beneficial trade agreements with countries like Australia, UAE, Switzerland and Norway recently.
