India and the United States have broadly come to an understanding on the next steps towards a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA), with the goal to finalise its first tranche by fall 2025.
The development assumes significance ahead of the reciprocal tariffs that Washington is going enforce on countries, including India, from April 2 over alleged unfair trade practices.
According to an official release, sectoral expert level engagements under the BTA will start virtually in the coming weeks and pave the path for an early negotiating round in person. The priority areas will include increasing market access, reducing tariff and non-tariff barriers and deepening supply chain integration in a mutually beneficial manner.
“As a follow up to the India-US Joint Statement of 13 February 2025, wherein the two sides agreed to expand bilateral trade to reach $ 500 Billion by 2030, including through the conclusion of a Bilateral Trade Agreement, representatives of India’s Department of Commerce and the Office of the US Trade Representative convened in New Delhi from 26-29 March 2025,” the release said.
The meeting in New Delhi follows the visit of Union Commerce and Industries Minister Piyush Goyal to Washington DC from March 4-6 during which he met his US counterparts – US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick and subsequent video conferences between the two sides, the release added.
The successful conclusion of the discussions reflects progress in efforts to expand India-US bilateral trade and investment relations to promote prosperity, security and innovation in both the countries. These steps are designed to unlock new opportunities for businesses, drive bilateral economic integration, and reinforce the economic partnership between India and the United States, the release said.
India and the United States expressed satisfaction with the outcomes of the meeting and reaffirmed their dedication to ongoing collaboration. Both sides look forward to building on this milestone in the coming months to finalise the BTA, ensuring it aligns with the shared goals of prosperity, resilience and mutual benefit, the release added.
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2025-03-29 12:38:03
