India and U.S. Near Comprehensive Trade Breakthrough

Progressing India's and U.S.'s talks on a Bilateral Trade Agreement could soon see a comprehensive and WTO-compliant deal without further negotiations. The deal aims to enhance trade futures, doubling engagements to USD 500 billion by 2030, amidst careful consideration of sensitive sectors and issues.

Negotiations between India and the United States on a Bilateral Trade Agreement (BTA) are advancing smoothly, according to government officials who stated Tuesday that the outcome would be detailed and compliant with World Trade Organization (WTO) standards. The ongoing discussions are addressing sensitive sectors and could reach a decisive conclusion without needing another round of talks.

Union Commerce and Industry Minister Piyush Goyal emphasized the government's aim to forge a fair, balanced, and equitable trade deal with the U.S. While acknowledging the complexity and sensitivity of the issues involved, he expressed readiness for any eventuality, asserting that the national interest remains paramount.

Officials announced that the anticipated agreement, set forth during Prime Minister Narendra Modi's February visit to the U.S., seeks to elevate trade volumes from USD 191 billion to an ambitious USD 500 billion by 2030. The plan includes overcoming current challenges such as elevated tariffs imposed by the U.S. as a result of India's continuing import of Russian oil.

(With inputs from agencies.)