A delegation comprising senior officials from India will visit the US this week for trade talks. Stating this on Monday, a top official said negotiations on the proposed are progressing well.
Leaders of the two countries had directed their officials to negotiate a proposed bilateral trade agreement (BTA) In February this year. It was decided to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been completed.
Last month, Union Commerce and Industry Minister Piyush Goyal had led an official delegation to New York for trade talks. After his meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement. Both sides held constructive meetings on various aspects of the trade deal.
During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor. The negotiations assume significance in the backdrop of the 25 per cent reciprocal tariff imposed on India by the US and an additional 25 per cent penalty on Indian goods entering the American market, for purchasing Russian crude oil.
At present, a total of 50 per cent additional import duty has been imposed on Indian goods. The pact aims to more than double the bilateral trade to US $500 billion by 2030 from US $191 billion as of now.
The US remained India's largest trading partner for the fourth consecutive year in 2024-25 with bilateral trade valued at US $131.84 billion (US $86.5 billion exports). The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports and 10.73 per cent in the country's total merchandise trade.
Also read: US, India resume trade talks after tariff spat
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