India-US deal momentum builds: US team holds talks in Delhi on BTA; Goyal says interim pact may be reach soon
The United States and India are intensifying negotiations on a bilateral trade agreement, with officials from both sides meeting in New Delhi this week to finalise the first phase of the proposed deal.
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Commerce and Industry Minister
on Thursday said the ongoing discussions are progressing well, and that additional US officials are expected to join the talks on June 6.
'Talks are progressing well. The US team is in India for the talks,' Goyal told reporters in Brescia, Italy, where he is on an official visit to promote trade and investment ties with Italian leadership and industry.
According to PTI, the US and India are targeting an interim trade agreement by the end of June.
The broader goal, announced jointly by Prime Minister Narendra Modi and US President Donald Trump in February, is to finalise a multi-sector Bilateral Trade Agreement (BTA) by September–October 2025. The deal aims to more than double bilateral trade to $500 billion by 2030 from the current level of $191 billion.
India is also pushing for full exemption from the 26% reciprocal tariff currently imposed on domestic goods as part of the ongoing talks.
Last month, India's chief negotiator, Special Secretary Rajesh Agrawal from the Department of Commerce, held a four-day round of discussions in Washington with his US counterpart. Goyal also travelled to the US capital to provide political impetus to the talks.
The US has remained India's largest trading partner for the fourth consecutive year in FY 2024–25, with total trade valued at $131.84 billion. The US accounts for about 18% of India's total goods exports, 6.22% of imports, and 10.73% of overall merchandise trade.
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