NEW DELHI: As India and the US begin trade talks, New Delhi has conveyed that it has been reducing applied tariffs in agreements with developed countries, while emphasising a “mutually beneficial” approach and “sensitive handling of sectors like agriculture”, a key focus of the Trump administration in seeking greater market access.A team of Indian officials, led by Commerce and Industry Minister Piyush Goyal visited Washington from March 3 to 6 and engaged the US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and their teams. President Donald Trump said India has agreed to cut its tariffs “way down now” because somebody is finally “exposing” them, evoking sharp reactions from opposition parties in the country.Reducing “average applied tariff significantly” has been a key aspect of India’s recently concluded mutually beneficial bilateral trade agreements with a slew of developed countries such as Australia, the UAE, Switzerland, Norway and the ongoing talks with the European Union and United Kingdom. But the “tone and substance of the talks” and “understanding each others’ concerns to get to an agreement” is the new focus. “The teams will now get into sector wise, issue-wise specifics,” said a source.Asked about various statements coming out of Washington on tariffs and ongoing trade negotiations, Foreign Secretary Vikram Misri said at a press briefing: “We have in recent times entered into bilateral trade agreements which are based on tariff liberalisation with several partners…. The ongoing discussions should be seen in that context.” The ongoing trade pact, the first tranche of which is expected to conclude by September, is now pitched against sweeping bilateral reciprocal tariff that Trump is rolling out against countries including India from April 2.Some key concerns for India include how to deal with increased US push for market access into agriculture and dairy products and a slew of non-tariff barriers. “Increasing market access, reducing tariff barriers, deepening supply chain integration, and increasing investments are our objectives,” sources said.
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