NEW DELH– India and the United States are making steady progress toward finalizing a mutually beneficial trade agreement, Union Commerce and Industry Minister Piyush Goyal said, following discussions with U.S. Commerce Secretary Howard Lutnick.
“Held a constructive meeting with Secretary Howard Lutnick for a mutually beneficial trade agreement,” Goyal posted on X (formerly Twitter) on Thursday, underscoring both countries’ shared commitment to expanding trade and business opportunities.
The discussions are centered around the first tranche of a Bilateral Trade Agreement (BTA), which aims to reduce tariffs and enhance market access ahead of the targeted timeline in fall 2025. According to Goyal, the terms of reference for the agreement have already been finalized, paving the way for accelerated negotiations.
India is positioning itself as a compelling trade partner for the U.S., citing strong economic growth, demographic advantages, and an expanding base of young, aspirational consumers. “India offers tremendous growth potential over the next 25 to 30 years,” Goyal said earlier. “With a large, youthful population driving demand for goods and services, we believe India makes a strong case for a robust trade agreement with the U.S.”
A successful tariff reduction deal could significantly boost bilateral trade volumes. Prime Minister Narendra Modi and former U.S. President Donald Trump had previously set an ambitious target of reaching $500 billion in bilateral trade by 2030.
Despite recent optimism, President Trump recently stated that while India has offered to eliminate tariffs on American goods, he is not in a hurry to finalize a trade deal.
Still, both governments remain engaged in constructive talks aimed at delivering a framework that benefits businesses and consumers on both sides of the partnership. (Source: IANS)
