Bolstering Bilateral Bonds: India and US Surging Towards Historic Trade Accord

India's Commerce Minister Piyush Goyal and US Secretary Howard Lutnick have intensified negotiations in Washington to finalize a bilateral trade agreement. This trade pact aims to provide significant duty concessions for key sectors, potentially increasing bilateral trade to USD 500 billion by 2030, while tackling reciprocal tariff challenges.

In a move to strengthen economic relations, India's Commerce Minister Piyush Goyal and US Commerce Secretary Howard Lutnick held talks in Washington to expedite a bilateral trade agreement. This initiative aims to secure mutually beneficial trade opportunities for the two countries.

The negotiations, which also saw four days of discussions between chief negotiators, revolve around achieving an interim trade pact that would offer significant duty concessions for India's labor-intensive sectors. Meanwhile, the US is seeking reductions in tariffs on industrial goods and agricultural products.

The current dialogue comes amid a backdrop of reciprocal tariffs which India aims to counteract. As both nations push towards more significant economic ties, the proposed agreement sets a strategic target to double bilateral trade to USD 500 billion by 2030.

(With inputs from agencies.)