India has made zero tariffs for steel, auto components and pharmaceuticals on a mutual basis, up to the US in trade negotiations on a certain amount of imports, people familiar with it said.
In addition to this threshold, imported industrial goods would be attracted to the standard of normal duties, people said, asking them to not recognize discussions as private. The offer was made by Indian trade officials who visited Washington at the end of last month to speed up the negotiations with a bilateral trade transaction expected in the autumn this year, people said.
Two nations prefer to conclude certain sectors before the end of a 90-day break to US President Donald Trump tariffs, people said.
In the middle of a contraction in the US economy, trump recommended On Sunday that some trade transactions could be sealed as soon as this week, offering a relief for trading partners who want to avoid higher US imports. Asian economies including South Korea, Japan and India are among the nations leading Competition for temporary transactions with his administration.
The Earth of the Indian Ministry of Commerce and Industry was not immediately answered.
The new Delhi offer was made after consulting with export organizations saying that mutually eliminating the liabilities of industrial goods does not affect local industries or their competitiveness, people said.
“We are pleased with the offer of zero-zero tariffs because Indian products are extremely priced competitive,” Chairman of the Bank Chadha, Chairman of the Engineer Export Promotion Council. “I see no effect when the obligations are tilted. It must still be on a mutual basis.”
India exported $ 10.1 billion worth $ 10.1 billion in 2024-25 pharmaceuticals and engineering products, the Indian Ministry of Commerce showed.
Washington has also asked India to resolve his concerns about the quality control orders he considers for non -tariff trade barriers for exports, people said. Mandatory quality standards that establish benchmarks, with which both locals and foreign manufacturers have to answer before selling their goods in IndiacriticizedFor being opaque and unfair for him.
India is willing to re -evaluate its existing QCOs in sectors such as medical devices and chemicals and have provided a mutual recognition agreement with the US, under which both countries accept each other's regulatory standards and practices.
It is unclear whether these proposals form part of the final transaction.
Only 14 QCOs before 2014. This number has risen to more than 140 since 2017, reportshowTo.
This story was originally reflected on Fortune.com
