The United States and India have taken another step forward in their bilateral trade agreement. The US government has announced in a statement that the Terms of Reference for the trade agreement have been finalized, and discussions will officially begin today.

According to a report by Hindustan Times, the terms include provisions related to tariffs, non-tariff barriers, origin rules, and the simplification of customs procedures. Currently, US Vice President J. D. Vance is on a visit to India, during which the terms of the bilateral trade agreement were finalized.

This development is significant as former US President Donald Trump had frequently criticized India's tariff policies, calling the country the "king of tariffs." In this context, after Indian Prime Minister Narendra Modi's visit to the US in February, or even before it, India took steps to rationalize the tariff rates on US products. The US claims that the average tariff on US goods in India is 17%, which is among the highest among the world's major economies.

US Trade Representative Jamison Greer stated that through ongoing discussions, a balanced trade relationship and mutual understanding between the US and India can be achieved. This will allow US products to access new markets in India while addressing unfair practices that have negatively impacted American workers.

He further added that India is participating constructively in the talks, and the US hopes that these discussions will create new opportunities for workers, farmers, and entrepreneurs in both countries.