India-US Trade Deal Nears Key Resolution on Tariffs

The India-US bilateral trade agreement's first phase is closing in, aiming to address the high tariffs imposed on Indian goods by the Trump administration. The deal, expected to ease reciprocal tariffs, is crucial as relations have been tense due to imposed duties. Successful negotiations hope to boost bilateral trade significantly by 2030.

The initial phase of the India-US bilateral trade agreement is approaching finalization, focusing on the high tariffs levied on Indian goods by the previous U.S. administration. A government official indicated that the soon-to-be-announced deal will address these tariffs, potentially easing existing market access issues.

America's imposition of reciprocal tariffs, especially on Indian imports tied to Russian crude oil transactions, remains a crucial sticking point. Negotiations have been intense, with the current package expected to counter these hefty penalties. Officials note the importance of resolving these tariffs for the agreement to hold value.

Meanwhile, a planned deal for India to import cooking gas LPG from the US is expected to help balance trade with the superpower, though it's not part of the negotiations. The bilateral trade goal aims to expand significantly by 2030, marking the seriousness of ongoing talks and cooperation between both governments.

(With inputs from agencies.)