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India is “actively engaging” with the new U.S. administration and hopes to conclude the first phase of the bilateral trade agreement “positively” by fall this year, India’s Finance Minister Nirmala Sitharaman said on Apr. 20.
“The keenness with which we are engaging with the US administration, even as I talk, I think the Vice President of the United States of America is in India, he will be engaging with the Prime Minister hopefully this evening or tomorrow. In between all this, the Assistant USTR had visited India to see the progress or to engage with the negotiating team who is dealing with the tariff-related negotiation and the bilateral trade agreement that we want to sign. In fact, the progress of the agreement or the trade agreement that we are working on, at least a first tranche is something which we hope to conclude positively by the fall this year,” Sitharaman said.
The finance minister added that the engagement with the U.S. is not limited to the “reciprocal tariffs” but the need to have an agreement with a country that is India’s largest trading partner.
The two countries have a bilateral trade worth $191 billion that they hope reaches $500 billion by 2030.
Related: Tariff Live Updates: Trump lashes on Jerome Powell, calls for his dismissal
Sitharaman will take part in the meetings of the International Monetary Fund (IMF) and the World Bank, besides holding bilateral meetings with her counterparts from different countries, including the U.S., the U.K., Germany, France, Luxembourg, and Saudi Arabia.
The crypto market managed to recover from the tariff woes on Apr. 21 as its market cap reached $2.84 trillion. Bitcoin managed to surpass the $87,100 price level that it hit on Apr. 2, when President Donald Trump initiated the tariff hikes globally. It was trading at $87,129.75 at press time as per Kraken’s price feed.
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