JAKARTA - India decided to take the trade liberalization route with the United States, with the two countries signing benchmark provisions for the first part of a bilateral trade deal.
India and the US agreed in February to work on the first phase of a trade deal to be finalized later this year, with the aim of achieving $500 billion in bilateral trade by 2030.
"India has decided to take the trade liberalization route with the US," Indian Trade Minister Sunil Barthwal told reporters.
The two countries will start virtual discussions on the deal this month, with the next round of face-to-face talks scheduled for mid-May, continued cap Agrawal, an additional secretary at the trade ministry.
Reuters reported last month that India was open to cutting fares at more than half of US imports worth US$23 billion in the first phase of a trade deal that the two countries are negotiating, the biggest cuts in years.
US President Donald Trump on Wednesday announced a 90-day gap in most tariff increases for major trading partners including India but raised levies on China. The US also provides temporary relief for Indian exporters.
Although Indian Prime Minister Narendra Modi was among the first leaders to visit Washington and hold talks with Trump, the US president continues to refer to India as a "rate violator" and a "rate rating".
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During Modi's visit to the US in February, the two countries agreed to start talks towards finalizing an initial trade deal and finalizing their deadlock on tariffs.
The United States has a trade deficit of $45.6 billion with India.
India has also taken a number of steps to win Trump's heart including pledging to buy more defense and energy products.
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