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India, US move closer to trade deal after a week-long negotiations
India and the US teams discussed issues pertaining to market access, digital trade, and customs facilitation during the week-long deliberations on the proposed bilateral trade agreement, an official said.
According to the official, both sides agreed to continue negotiations to achieve an expeditious conclusion of the initial tranche of the BTA.
India and the US are working towards negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) 2025.
To advance the objective of concluding a comprehensive and forward-looking BTA, a US delegation led by Additional US Trade Representative visited India from June 4-10.
"During the visit, in-depth negotiations were held on various elements of the proposed BTA that among others included areas such as market access, SPS (sanitary and phyto-sanitary/TBT (technical barriers to trade), digital trade, customs and trade facilitation and legal framework," the official said.
The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins.
The visit of the US official team was important as India and America are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods.
The US has suspended the proposed tariffs till July 9. There are expectations that an interim trade deal could be finalised before that.
The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion.
The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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