India and the United States are on the verge of finalizing a major trade deal that could reshape their economic relationship. Piyush Goyal, the Commerce and Industry Minister, has indicated that an agreement to boost bilateral trade to $500 billion is likely to be concluded within the next six to eight months, according to PTI. During Prime Minister Narendra Modi’s recent visit to Washington DC, both countries unveiled an ambitious plan to more than double their trade by 2030. As part of this goal, India and the US have agreed to begin negotiations on a comprehensive Bilateral Trade Agreement (BTA) by the fall of 2025, marking a significant step toward enhanced economic collaboration. Goyal highlighted that trade discussions would commence once the new US Commerce Secretary is in place, with businesses in both nations expressing eagerness for the deal. Regarding the scope of the agreement, including goods, services, and investments, Goyal mentioned that they are awaiting confirmation from his US counterpart before moving forward with detailed talks. Such a trade deal typically aims to reduce tariffs on goods, streamline regulations for services, and encourage investment. This is expected to open up new opportunities for industries in both countries and improve the flow of goods and services. Previously, during the Trump administration, India and the US had explored a smaller-scale trade deal, but the Biden administration chose to focus on broader trade policies instead. In 2023, the US-India bilateral trade reached $190.08 billion, including $123.89 billion in goods and $66.19 billion in services. India recorded a trade surplus, with exports of goods to the US amounting to $83.77 billion, compared to imports of $40.12 billion. In services, India exported $36.33 billion while importing $29.86 billion, resulting in a surplus of $6.47 billion. Since 2021, the US has been India's largest trading partner, and this trend continued through 2023-24, with India securing a trade surplus of $35.31 billion in goods. Disclaimer: This image is taken from Business Standard.

Atul Keshap, President of the US-India Business Council (USIBC), expressed optimism about the upcoming Trump-Modi summit, calling it a potential "win-win" for both nations. He emphasized that if the two leaders can negotiate a meaningful and impactful bilateral agreement, it could significantly boost economic growth. Highlighting the strength of the US-India partnership, he stated that when the world’s two largest democracies collaborate, the possibilities are limitless. Keshap’s remarks come ahead of Prime Minister Narendra Modi’s first bilateral visit to the US since Donald Trump began his second term as President. Modi will be among the select few world leaders to visit Washington, DC, so soon after Trump's re-election, underscoring the importance of US-India relations. According to Keshap, both the US and India have strong, well-established democratic systems and a combined population of 1.8 billion, which gives them a unique advantage in shaping the global economic and geopolitical landscape. He believes that few countries are as well-positioned as India and the US to drive global progress in 2025 and beyond. He noted that while many global powers face political, economic, and social challenges, India and the US stand out due to their demographic strength, economic dynamism, and spirit of innovation. Their leaders share a strong and strategic bond, as demonstrated by Modi’s visit early in Trump’s second term. Keshap also framed the US-India partnership as crucial in safeguarding global freedom. He pointed out that as China grapples with economic and demographic struggles, Russia remains entangled in the war in Ukraine, and Europe faces regulatory challenges, the US and India have an opportunity to showcase the power of open, democratic societies in fostering economic growth and prosperity. "If the US and India can accelerate their GDP growth by working together, they will strengthen their leadership in the global power competition," Keshap said, adding that both countries must take bold steps to ensure their continued success. He stressed that economic growth is the key to securing prosperity, happiness, and stability for their people. To achieve this, Keshap outlined several necessary actions. He urged both nations to move beyond bureaucratic and political hurdles that slow down progress. India, he suggested, should address US concerns about tariff and non-tariff barriers to create a more investor-friendly environment. Meanwhile, the US should recognize India as a trusted technology partner, particularly in fields like artificial intelligence, quantum computing, and defense. Additionally, America should find ways to better integrate India's skilled workforce into its industries. Keshap also called for a well-structured and mutually beneficial trade deal that enhances investment opportunities for both nations. He highlighted the need for more US exports to India, including oil, gas, and fighter jets, while welcoming increased Indian investment in the US, particularly in energy and critical mineral sectors. He urged both governments to resolve bureaucratic roadblocks in defense sales and to work creatively to strengthen economic ties. Finally, he emphasized that American companies operating in India should be seen as long-term investors contributing to India's growth in sectors like e-commerce, fintech, defense, and energy. Likewise, he suggested that the US should rely more on India to help secure supply chains for essential goods like computer chips, medicines, and refined hydrocarbons. Concluding his remarks, Keshap wished President Trump and Prime Minister Modi success in strengthening the US-India partnership, reinforcing economic and strategic cooperation, and elevating the aspirations of both nations. Disclaimer: This image is taken from Business Standard.

Russia's First Deputy Energy Minister, Pavel Sorokin, stated on Tuesday that U.S. sanctions should not interfere with Moscow’s oil trade with India. However, he noted that it is still too early to determine the full impact of the latest restrictions. India emerged as the largest buyer of discounted Russian seaborne oil after Western nations imposed sanctions on Moscow in response to Russia’s 2022 invasion of Ukraine. But last month, new U.S. sanctions targeting Russia’s oil supply chain caused shipping costs to surge, prompting some buyers and ports in India and China to avoid sanctioned vessels. Speaking at the India Energy Week conference, Sorokin emphasized the economic foundation of Russia’s relationship with India, stating, “We believe energy trade shouldn’t be hindered by politics.” He also pointed out that evaluating the consequences of recent sanctions would require more time, expressing confidence that constructive trade relationships would continue. Russia’s oil exports to India declined in December and January compared to the previous six months. Indian Oil Corporation (IOC), the country's leading refiner, recently acknowledged that its Russian oil imports may drop this fiscal year due to the new sanctions. IOC Chairman A. S. Sahney clarified that the company is purchasing Russian crude without engaging with sanctioned entities. Sorokin criticized the sanctions, calling them illegal and harmful to the global economy. He claimed they have drained billions of dollars from developing nations and raised borrowing costs for the energy sector, which relies on long-term investments. Despite the challenges, he assured that Russia has the necessary technology to develop its resources and will remain a key player in the global energy market. Disclaimer: This image is taken from Shutterstock

China has launched an investigation into Google and imposed new tariffs on various American products in response to President Donald Trump’s decision to levy a 10% tariff on goods imported from Beijing. This move has reignited tensions in the ongoing trade war between the world's two largest economies. The State Administration for Market Regulation in China announced on Tuesday that it would probe the US tech giant for alleged anti-trust violations. In addition, Beijing imposed new tariffs, including a 15% levy on coal and liquefied natural gas, as well as a 10% tariff on oil and agricultural equipment imported from the United States. Among the measures announced by China, there are export controls on tungsten-related materials. Furthermore, PVH Corp., the parent company of Calvin Klein, and Illumina Inc. have been added to China’s unreliable entity list, restricting their business operations within the country. The financial markets reacted swiftly to these developments. The offshore Chinese yuan extended its losses in the afternoon as the US-China trade dispute escalated, dropping 0.3% to 7.3340 against the US dollar. Since the domestic market was closed due to the Lunar New Year holiday, trading was limited. Additionally, China’s trade proxies, including the Australian and New Zealand dollars, also saw declines of at least 0.8%. Over the weekend, President Trump ordered a broad tariff on Chinese exports, set to take effect at midnight on Tuesday in the US. He justified the decision by accusing Beijing of failing to curb the flow of illegal drugs into the country. The order also included retaliation clauses, allowing for additional tariff increases if China responded with countermeasures. Disclaimer:This image is taken from File Photo.

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