India and US Set to Boost Trade: A New Bilateral Agreement in the Works

India and the US are negotiating a new bilateral trade agreement aimed at significantly increasing trade between the two nations. With negotiations starting virtually, the pact targets to double trade to USD 500 billion by 2030. Both countries are looking at tariff and non-tariff measures in the agreement.

India and the United States are on the brink of a major bilateral trade agreement, with negotiations set to transition from virtual to in-person talks next month. High-level discussions aim to double trade from the current USD 191 billion to USD 500 billion by 2030, according to senior Indian officials.

The trade pact, which has been in negotiation since March, seeks to reduce or eliminate tariffs on a wide range of goods, while promoting investment and easing norms on trade services. The agreement would open substantial opportunities for businesses in both countries, Commerce Secretary Sunil Barthwal has stated.

As India aims for trade liberalization, sectors such as automotive, agriculture, and textiles are under discussion for duty concessions. The US, being India's largest trading partner, has historically accounted for significant export and import figures, reinforcing the potential impact of this agreement.

(With inputs from agencies.)