The Federation of Indian Chambers of Commerce and Industry (FICCI) expressed its concerns over the 25% tariff and secondary sanctions imposed by the United States on Indian exports, which began on Friday. FICCI hopes these measures are temporary and expects a permanent trade agreement to be finalized between the two countries soon.
According to FICCI President, Harsh Vardhan Agarwal, the move is unfortunate and will have a negative impact on Indian exports. He expressed his hope that the higher tariffs would be short-lived, with a permanent trade deal finalized in the near future.
Agarwal emphasized the strong and growing partnership between India and the U.S., encompassing areas such as technology, defense, energy, and advanced manufacturing. FICCI believes that the ongoing detailed discussions will yield beneficial outcomes for both countries once the final trade agreement is reached.
India has been actively negotiating a bilateral trade agreement with the U.S. since the beginning of the year. A U.S. team is scheduled to visit India in the latter half of August to further discuss the BTA. FICCI is hopeful that the discussions will progress, with a target to complete negotiations by September-October 2025.
The U.S. is an important market for Indian exporters, and the industry seeks a long-term agreement. India also offers a substantial market for U.S. businesses.