New Delhi— India is on the verge of finalizing a landmark trade agreement with the United States, according to Kevin Hassett, Director of the National Economic Council.
Speaking to CNBC, Hassett said the deal is “close to the finish line” and comes as the Trump administration considers cutting tariffs to 10 percent or lower for countries that present strong trade proposals.
Hassett emphasized the administration’s cautious approach to avoid harming key American companies like Apple. “We don’t want to harm Apple,” he said, while indicating that negotiations are progressing steadily.
The potential agreement follows recent comments by India’s Commerce and Industry Minister Piyush Goyal, who confirmed ongoing discussions with U.S. Commerce Secretary Howard Lutnick. The two sides are working toward concluding the first phase of a Bilateral Trade Agreement (BTA), which aims to reduce tariffs and boost trade.
Goyal highlighted India’s economic growth and demographic advantages as compelling reasons for a deeper trade partnership. “Both nations are committed to expanding opportunities for our businesses and people,” he said.
Negotiators are aiming to finalize the first tranche of the BTA by fall 2025. The foundational terms have already been agreed upon, raising hopes of an early signing.
A successful agreement could significantly boost trade between the two nations. During Prime Minister Narendra Modi’s recent visit to Washington, he and President Trump set a goal of reaching $500 billion in bilateral trade by 2030.
While President Trump recently claimed that India offered to eliminate all tariffs on U.S. goods, he also signaled there’s no urgency to wrap up the deal despite the progress made. (Source: IANS)
