Trade deal with India likely in not-too-distant future: US Commerce Secretary
US Commerce Secretary Howard Lutnick has expressed strong optimism regarding the imminent finalisation of a trade deal between India and the United States, saying that an agreement could be reached in the "not-too-distant future".Secretary Lutnick highlighted that both nations have found a common ground that "really works for both countries," suggesting a breakthrough in long-standing negotiations.'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," Lutnick said at the US-India Strategic Partnership Forum's Leadership Summit in Washington.advertisement
The two countries intensified trade deal discussions after US President Donald Trump recently announced reciprocal tariffs on nations accused of causing trade imbalances, including India. However, the tariffs were later paused for 90 days, except for China.His remarks, delivered at the eighth edition of the US-India Strategic Partnership Forum (USISPF) in Washington, underscore a significant push by the Trump administration to expedite trade agreements.The US Commerce Secretary's remarks came just days after reports suggested that India is seeking a complete exemption from the additional 26 per cent tariff imposed by the United States on its goods, as both sides race to finalise an interim trade deal before July 8. The remarks also follow President Trump's claim that India had offered the US a tariff-free trade deal, a statement New Delhi rejected, clarifying that discussions are still ongoing to reach a win-win deal.advertisementOn Monday, Commerce Minister Piyush Goyal said India and the US desire to give preferential market access to each other's businesses and teams of both countries are working together on the proposed bilateral trade agreement."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," Goyal said. In February, US President Trump and Prime Minister of India Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025. It is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current level of USD 191 billion.
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