Indo-US trade deal in works: India offers zero-for-zero tariffs on steel, auto parts, says report
According to a Bloomberg report, during their visit to Washington in the previous month, Indian trade representatives presented this proposal to accelerate discussions for a bilateral trade agreement anticipated by autumn this year.
The standard duty rates would apply once imports exceed the specified threshold, according to the sources.
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Both countries are focusing on select industries to achieve a swift trade agreement before the conclusion of the 90-day suspension of President Donald Trump's reciprocal tariffs, the sources indicated.
Trump indicated on Sunday that several trade agreements could be finalised this week, potentially easing concerns of trading partners seeking to avoid elevated US import tariffs. This comes amidst a contraction in the US economy.
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These mandatory quality requirements, which establish standards for both domestic and international manufacturers selling products in India, have faced criticism for lacking transparency and fairness.
Indian authorities have shown willingness to review current QCOs, particularly in the medical devices and chemical sectors. They have proposed establishing a mutual recognition agreement with the United States, whereby both countries would acknowledge and accept each other's regulatory frameworks and procedures.
The inclusion of these suggestions in the eventual agreement remains uncertain.
Statistics indicate a significant increase in QCOs, rising from 14 before 2014 to exceeding 140 since 2017.
Top 10 Largest Economies In The World 2025: What are the 10 largest economies in the world? Did you know that India, which currently stands at the 5th position, will soon become the world’s 3rd largest economy by overtaking Germany and Japan? India is the world’s fastest growing major economy and its nominal GDP has grown 100% in the last 10 years! But even so, as per IMF’s 2025 projection, the GDP of US and China - the world’s largest and second largest economies - will be 7.3 times and 4.6 times respectively - that of India! We take a look at the world’s top 10 largest economies by nominal GDP size as per IMF and when India will become the third largest, next only to the US and China:
Top 10 largest economies 2025: The United States of America will continue to be the world’s largest economy in 2025, according to the IMF's latest World Economic Outlook update. The IMF has predicted that the US economy will have a nominal GDP of $30507.217 billion in 2025. (AI image)
Top 10 largest economies in the world 2025: China will rank second on the list of the world’s top 10 largest economies in 2025, as per IMF’s estimates. The latest WEO report pegs China’s GDP for 2025 at $19,231.705 billion. (AI image)
Germany will continue to be the world’s third largest economy in 2025 as well. According to the IMF, Germany’s nominal GDP in 2025 will be around $4,744.804 billion. (AI image)
The world's fifth largest economy is India! According to the IMF, India's nominal GDP in 2025 is likely to be $4,187.017 billion. India will overtake Japan to become the 4th largest economy in 2025. In the coming years, it will surpass Germany to rank 3rd in the list of the top 10 largest economies in the world. IMF estimates see India becoming the 3rd largest economy in 2028 with a GDP of $5,584.476 billion. (AI image)
Japan is currently the world’s 4th largest economy in terms of nominal GDP. In 2025, it will slip to the 4th position with a GDP of $4,186.431 billion, according to IMF’s WEO estimates. (AI image)
The United Kingdom ranks 6th on the list of world’s top 10 largest economies by nominal GDP size for 2025. IMF’s latest estimates peg the UK's GDP at $3839.18 billion for 2025. (AI image)
France will hold the position of the world’s 7th largest economy in 2025, as per IMF’s latest WEO report. In 2025, France’s nominal GDP is expected to be $3,211.292 billion. (AI image)
Top 10 largest economies in the world 2025: Italy - with an 8th rank on the list - is estimated to have a nominal GDP of $2,422.855 billion in 2025, according to IMF’s World Economic Outlook report. (AI image)
Canada will hold the 9th rank on the list of the world’s top 10 largest economies in 2025. The IMF's latest outlook estimates that in 2025, Canada’s GDP will be $2,225.341 billion. (AI image)
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