NEW DELHI— India and the United States have made significant progress toward finalizing a mutually beneficial bilateral trade agreement, Union Commerce and Industry Minister Piyush Goyal confirmed following a meeting with U.S. Commerce Secretary Howard Lutnick.
Goyal described the talks as “constructive” in a post on X, adding that both nations are “committed to enhancing opportunities for our businesses and people.”
India and the U.S. are aiming to complete the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, with terms of reference already finalized. The focus is on reducing tariffs and boosting trade flows.
Speaking to reporters earlier, Goyal emphasized India’s strong case for a trade pact, citing its large, young, and growing consumer base. “India offers tremendous growth potential over the next 25–30 years,” he said.
If finalized, the agreement could significantly boost bilateral trade. Prime Minister Narendra Modi and U.S. President Donald Trump have set a target of $500 billion in trade by 2030, according to a joint statement issued during Modi’s recent visit to Washington.
While President Trump recently claimed India had offered to eliminate all tariffs on American goods, he added that he was in no rush to seal the deal, despite encouraging developments. (Source: IANS)
