US-India Trade Talks: A New Era of Bilateral Partnership

Indian and US officials are meeting in Washington to discuss a new bilateral trade agreement. Aimed at increasing trade and reducing tariffs, the deal seeks to address the trade deficit between the nations. Negotiations are anticipated to conclude by fall 2023, targeting USD 500 billion trade by 2030.

Washington is set to host crucial deliberations this week as Indian and US officials engage in talks over a proposed bilateral trade agreement. The goal is to resolve longstanding issues and boost trade negotiations between the two nations.

According to the US Trade Representative, the pact aims to expand market access, lower tariffs, and establish commitments for enduring economic benefits. With the trade deficit with India reaching USD 45.7 billion in 2024, the US is keen on addressing this imbalance through the agreement.

The discussions are critical, particularly as the US has temporarily halted new tariffs for 90 days. India's chief negotiator, Rajesh Agrawal, is leading talks with a view to concluding the deal by fall 2023, with both nations eyeing to more than double trade volume to USD 500 billion by 2030.

(With inputs from agencies.)