India and US Poised to Double Trade with New Bilateral Pact

India and the US are negotiating a bilateral trade agreement aiming to multiply their trade volume to USD 500 billion by 2030. Negotiations, starting virtually, are expected to culminate in in-person talks. This agreement promises substantial trade liberalization and reduced tariffs across various sectors.

India has embarked on a path of trade liberalization with the United States, aiming to finalize a bilateral trade agreement (BTA) by the fall of this year. Senior government officials have disclosed plans to initiate virtual negotiations this week, with in-person discussions slated for next month.

The talks, which commenced in March, aim to double the bilateral trade from the current USD 191 billion to a staggering USD 500 billion by the year 2030. Rajesh Agrawal, India's chief negotiator for the pact, confirmed that all negotiations are on schedule.

Commerce Secretary Sunil Barthwal emphasized the significant opportunities such an agreement would create for businesses in both nations. By easing both tariff and non-tariff barriers, the BTA is expected to significantly boost India's trade with the US, mirroring past successes with countries like Australia and the UAE.

(With inputs from agencies.)