San Francisco— India is on track to conclude the first phase of a comprehensive bilateral trade agreement with the United States by this fall, Finance Minister Nirmala Sitharaman said during an interaction with the Indian diaspora in San Francisco on Sunday.
Highlighting ongoing negotiations, Sitharaman noted that the two nations are working closely on resolving tariff issues and boosting trade ties. “This is not just about reciprocal tariffs. The U.S. is our largest trading partner, and we need to formalize this relationship with a robust agreement,” she said.
The proposed deal is part of “Mission 500,” a joint initiative launched earlier this year by U.S. President Donald Trump and Indian Prime Minister Narendra Modi. The goal is to more than double bilateral trade to $500 billion by 2030.
Sitharaman added that high-level engagement is underway, with U.S. Vice President J.D. Vance currently visiting India and recent meetings between Indian negotiators and representatives from the U.S. Trade Representative’s office. “We hope to positively conclude the first tranche of the agreement by September or October,” she said.
During her five-day U.S. visit, Sitharaman will also meet with Treasury Secretary Scott Bessent and deliver a keynote address at Stanford University. She is scheduled to participate in meetings with business leaders in San Francisco to explore investment and technology opportunities.
In Washington D.C., the Finance Minister will attend the Spring Meetings of the IMF and World Bank, as well as the G20 Finance Ministers and Central Bank Governors Meetings. She will also hold bilateral talks with counterparts from several nations, including the U.S., U.K., France, Germany, and Saudi Arabia.
Addressing the Indian community, Sitharaman called on the diaspora to strengthen ties with India and support its global ambitions. She said India’s recognition as the world’s fastest-growing economy reflects its economic resilience and the “visionary leadership” of Prime Minister Modi.
“Our fiscal roadmap is clear,” she added, noting India’s post-pandemic strategy to gradually reduce the fiscal deficit to below 4.5% by 2026. “We’ve stuck to our targets every year, reinforcing our credibility.”
After her U.S. tour, Sitharaman will travel to Peru from April 26 to 30 for additional international engagements. (Source: IANS)
