India and US Edge Closer to Bilateral Trade Agreement Amid Complex Negotiations

India and the US are progressing towards a Bilateral Trade Agreement tackling complex issues to boost trade from $191 billion to $500 billion by 2030. Despite challenges, both sides remain optimistic as five rounds of talks have concluded, aiming for completion by fall 2025.

Union Commerce Minister Piyush Goyal announced Wednesday that negotiations for the India-US Bilateral Trade Agreement are making significant progress, despite involving numerous sensitive and serious issues. Talks between the two nations, according to Minister Goyal, are both complex and promising, requiring patience as they work towards a successful resolution.

A government official recently revealed that India and the US are nearing the completion of the first phase of the ambitious trade agreement. Negotiators are finalizing the language of the agreement, with both parties converging on most issues. According to the official, as of October 23, Thursday, the nations had conducted five rounds of talks since March and are on track to finalize the initial phase by the fall of 2025.

The bilateral agreement, initiated in February, aims to significantly boost trade volumes from the current $191 billion to $500 billion by 2030. Minister Goyal led a high-level delegation to the United States in September to facilitate these negotiations. Concurrently, the US contingent, led by Brendan Lynch, had constructive discussions in New Delhi, highlighting a shared commitment to promptly conclude a mutually beneficial deal. In recent months, despite past tariff escalations set by US President Trump, both countries have made concerted efforts to resolve their trade challenges and advance towards a comprehensive agreement.

(With inputs from agencies.)