India and US Near Interim Trade Agreement Amid Tariff Talks

A US delegation is visiting India to discuss a potential interim trade agreement, aiming to settle reciprocal tariffs and strengthen trade relations. The agreement may be finalized by June's end. Both nations are working to boost bilateral trade, valued at USD 131.84 billion, with a goal of reaching USD 500 billion by 2030.

A key delegation of US officials is set to visit India next week, aiming to finalize a much-anticipated interim trade agreement between the two countries. Talks come in the wake of the US imposing, then temporarily suspending, a 26% reciprocal tariff on Indian goods.

Significant discussions took place during the recent visit of India's chief negotiator, Rajesh Agrawal, and Commerce Minister Piyush Goyal to Washington. They engaged with US counterparts, including multiple meetings with US Commerce Secretary Howard Lutnick, to pave the way for an agreement.

Bilateral trade between the US and India, standing at USD 131.84 billion, highlights the importance of these negotiations. Both nations aim to resolve tariff issues and double bilateral trade to USD 500 billion by 2030, addressing economic concerns and fostering growth.

(With inputs from agencies.)