US Eyes Trade Deal With India in Near Future: Commerce Chief

• U.S. and India are progressing toward a bilateral trade agreement, aiming to finalize the first phase by fall 2025.
• Both sides are negotiating an interim deal before the July 8 deadline, with India seeking exemption from U.S. tariffs.
• They aim to double bilateral trade from $191 billion to $500 billion by 2030.

The Commerce Secretary of the United States, Howard Lutnick, has expressed utmost optimism that a trade agreement between India and America could be finalized in the not-too-distant future. Speaking at the US India Strategic Partnership Forum (USISPF) in Washington, he said that both countries have found grounds that they believe serve mutual interest and this is an encouraging development in the long-running trade negotiations.

Trade talks garnered increased momentum when U.S. President Donald Trump announced tariffs on countries that held trade imbalances with the U.S., India being one among others. The tariffs were put on pause for 90 days until July 8, with China being excluded from this, and both countries are scrambling to strike an interim agreement ahead of the deadline.

Piyush Goyal said, "Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement".

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“You should expect a deal between the United States and India in the not-too-distant future... When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think," added Lutnick.

India has been pressing for a complete exemption from the increased 26 percent tariff imposed by the U.S. on its exports. India denied President Trump's recent allegation that India had offered a tariff-free deal, clarifying that talks are still going on for a mutually beneficial deal.

India's Commerce Minister Piyush Goyal said after the talks that both sides were engaged in trying to provide preferential market access to one another's businesses, and that there was also a shared interest in pursuing a multi-sector Bilateral Trade Agreement (BTA) with the first phase being aimed for completion by fall 2025.

Currently, the U.S. trade delegation is in India for talks on the proposed interim agreement.  This follows recent visits by India’s Chief Trade Negotiator Rajesh Agrawal to Washington and Minister Goyal’s trip to the U.S., highlighting a concerted push to more than double bilateral trade from $191 billion to $500 billion by 2030.