India Poised for Trade Pact Breakthrough with U.S.

India anticipates finalizing a trade deal with the U.S. by year's end, as key issues have reportedly been resolved. Discussions have focused on tariffs, with both countries negotiating solutions despite existing U.S. tariffs on Indian imports. The trade deficit between the two nations remains a concern.

India aims to finalize a trade agreement with the United States by the year's end, according to the country's trade secretary. Talks have reportedly resolved significant issues, despite existing American tariffs of up to 50% on Indian imports.

In recent discussions, U.S. President Donald Trump expressed optimism about negotiations with Indian Prime Minister Narendra Modi. The Trump administration has urged India to cut down on oil imports from Russia and reduce tariffs, particularly in sensitive areas like agriculture. Trade Secretary Rajesh Agrawal highlighted the importance of establishing a framework deal to address reciprocal tariff concerns.

Agrawal expressed confidence, noting that remaining issues could be addressed politically, and voiced hopes for a resolution within the year. Meanwhile, India faces a record trade deficit of $41.68 billion, attributed to increased gold imports and decreased exports to the U.S.

(With inputs from agencies.)