'US yet to apply reciprocal tariffs on India': Minister Jitin Prasada in Parliament, says negotiating mutually beneficial trade deal

A week after US President Donald Trump announced imposition of reciprocal tariffs on its partners, the Central government Tuesday stated that the levies are yet to be applied on India. "As on date, reciprocal tariffs have not been applied by the US on India," Minister of State for Commerce and Industry, Jitin Prasada, informed Parliament in a written statement Tuesday. 

At the same time, Prasada informed the Lok Sabha that India and the US are focusing on enhancing their bilateral trade relationship. "Both countries plan to negotiate a mutually beneficial, multi-sector bilateral trade agreement. Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration. This is an ongoing exercise and Indian exporters are working towards diversifying trade baskets and export destinations," the minister added. 

The statement comes on a day when Commerce Secretary Sunil Barthwal has informed a Parliamentary panel that India said it has not committed to slashing import duties on US products, days after President Trump announced that New Delhi had agreed to "cut their tariffs way down". "One cannot go by the US President's claims and on media reports as the bilateral trade agreement talks between the two nations are still on. India has not committed to anything on trade tariffs to the US," Barthwal stated. 

"The Centre continues to engage with the US government to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner. Both nations released a joint statement on February 13, reaffirming their commitment to deepening economic ties," the minister said in reference to the statement issued after Prime Minister Narendra Modi's meeting with Trump in Washington, DC.      
He also highlighted 'Mission 500' announced during PM Modi's Washington visit. The initiative aims to double two-way commerce between the countries to USD 500 billion by 2030. 

Notably, on February 13, a Memorandum on Reciprocal Trade and Tariffs was issued by the US directing the Secretary of Commerce and the United States Trade Representative to investigate non-reciprocal trade arrangements and propose remedies.