India and US Set to Finalize Initial Phase of Trade Agreement by Autumn 2025
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Synopsis
In a significant move to enhance bilateral trade to $500 billion by 2030, India and the US have reached a preliminary agreement to finalize the first phase of their bilateral trade agreement (BTA) by fall 2025, following productive discussions in New Delhi.
Key Takeaways
- Target to expand bilateral trade to $500 billion by 2030.
- First tranche of the BTA to be finalized by fall 2025.
- Focus on fairness, national security, and job creation.
- Sectoral expert engagements to begin virtually shortly.
- Discussions aimed at reducing trade barriers and enhancing cooperation.
New Delhi, March 29 (NationPress) In an effort to boost their bilateral trade to $500 billion by 2030, India and the US have wrapped up their discussions in the national capital, achieving a broad consensus to finalize the initial phase of the bilateral trade agreement (BTA) by autumn 2025.
Following the India-US joint declaration on February 13, during the successful meeting between Prime Minister Narendra Modi and US President Donald Trump, officials from India’s Department of Commerce and the US Trade Representative’s Office gathered in New Delhi from March 26-29.
The Ministry of Commerce and Industry released a statement indicating that to achieve their joint aim of fostering growth that ensures fairness, national security, and job creation, both parties have reached a preliminary understanding on the next steps towards a mutually advantageous, multi-sectoral BTA after four days of discussions in New Delhi.
“Engagements at the sectoral expert level under the BTA will commence virtually in the upcoming weeks, setting the stage for an early round of in-person negotiations,” the ministry informed.
During these talks, both sides also engaged in fruitful discussions about enhancing bilateral cooperation in key areas, such as expanding market access, lowering tariff and non-tariff barriers, and deepening supply chain integration in a mutually beneficial way.
“The successful conclusion of these discussions signifies progress in efforts to expand India-US bilateral trade and investment relations, promoting prosperity, security, and innovation in both nations. These initiatives are aimed at unlocking new business opportunities, accelerating bilateral economic integration, and strengthening the economic partnership between India and the United States,” the ministry's statement elaborated.
This meeting followed the visit of Union Commerce and Industries Minister Piyush Goyal to Washington, D.C. earlier this month, where he met with his US counterparts – Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick – along with subsequent video conferences between both sides.
Both parties are eager to build on this significant milestone in the upcoming months to finalize the BTA, ensuring it aligns with their shared objectives of prosperity, resilience, and mutual benefit.
