India and United States launch 'Mission $500 billion' trade plan
Business
India and the US have kicked off "Mission $500 billion," aiming to ramp up their trade partnership to a whopping $500 billion by 2030.
The plan, first revealed in February, is all about making it easier to do business together: think more jobs, fewer trade barriers, and smoother supply chains for both countries.
The plan, first revealed in February, is all about making it easier to do business together: think more jobs, fewer trade barriers, and smoother supply chains for both countries.
Indian exports may see tariff cuts
India is set to make major purchases in energy, ICT, and coal as part of the deal.
Nearly all negotiations are wrapped up, with just a few details left.
Once signed, Indian exports like textiles and plastics could see tariffs drop from 50% to 18%, and big-ticket items like gems and pharma might get zero duties.
There are still some sticking points (like US tariff investigations), but both sides hope to seal the deal by this fall.
Nearly all negotiations are wrapped up, with just a few details left.
Once signed, Indian exports like textiles and plastics could see tariffs drop from 50% to 18%, and big-ticket items like gems and pharma might get zero duties.
There are still some sticking points (like US tariff investigations), but both sides hope to seal the deal by this fall.