The US and India have finalised the terms for the trade deal. This is called Terms of Reference (ToRs). US Vice President JD Vance gave this information at an event at the Rajasthan International Centre in Jaipur today, Tuesday, April 22. JD Vance said, “I believe this is an important step towards realising the vision of President Trump and Prime Minister Modi. This will prepare a roadmap for the final deal.” Vance is on a four-day visit to India. He arrived in Delhi on Monday, January 21. He visited the Akshardham temple in the morning, met PM Narendra Modi in the evening. After this, he reached Jaipur at night. Before proceeding with the news, three pictures of JD Vance’s visit to India… 5 big things about JD Vance… 1. Our administration seeks trade partners based on fairness and shared national interests. We want to build such relationships with our foreign partners who respect their workers, who do not cut their wages to promote exports. 2. We want partners who are committed to working closely with the US. We need to build a global trade system that is balanced, open, stable and fair. 3. American energy can help India realize its nuclear power production goals. It is also important for India’s AI ambitions. Both the US and India know that without energy security and energy dominance, AI has no future. 4. I think India and the US have three mutual goals. First- security of their countries, second- strengthening the economy of their countries and third- developing new technology. 5. Vance described PM Modi as a tough negotiator. He also said that when President Trump and PM Modi announced in February to increase mutual trade to more than $500 billion by the end of this decade, – I know that both take this seriously. 19 chapters included in the Terms of Reference According to media reports, the Terms of Reference (ToRs) of the proposed bilateral trade agreement have 19 chapters. It includes issues such as tariff, goods, non-tariff barriers and customs facilitation. A team of Indian officials is going to the US to expedite the agreement. The three-day talks of Indian officials will begin on Wednesday, 23 April. Rajesh Agarwal, Additional Secretary in the Department of Commerce, will lead this team. Agarwal was appointed Commerce Secretary on 18 April. He will assume charge from 1 October. Trump imposed tariff on 2 April, then gave a reprieve of 90 days On 2 April, Donald Trump had announced the imposition of reciprocal tariff on about 100 countries. He had said, ‘Today is Liberation Day, which America was waiting for a long time.’ However, on April 9, he postponed the reciprocal tariff on all countries except China for 90 days. In such a situation, India wants to enter into a trade agreement within 90 days. Trump has been saying that if a country imposes higher tariffs on American goods, then the US will also increase the tariffs on goods coming from that country. India’s trade deficit with the US is $41.18 billion. India’s trade deficit with the US in terms of goods in 2024-25, that is, the difference between imports and exports, was $41.18 billion. It was $35.32 billion in 2023-24, $27.7 billion in 2022-23, $32.85 billion in 2021-22, and $22.73 billion in 2020-21. The US has expressed concern over the growing trade deficit.
