India and US Progress Towards Crucial Bilateral Trade Agreement Amid Geopolitical Challenges

Commerce and Industry Minister Piyush Goyal expressed optimism that India and the US will finalize a bilateral trade agreement (BTA) by November, despite recent geopolitical hurdles. Speaking at the Annual Global Investor Conference 2025 in Mumbai, Goyal highlighted global eagerness to strengthen trade with India.

The BTA discussions with the US began in March, with five rounds of negotiations completed. Yet, a scheduled sixth round was postponed following a 50 percent tariff imposed on Indian goods by the US, originally set for August 25, affecting immediate progress. Both nations aim to finalize the agreement by fall, targeting to boost bilateral trade from USD 191 billion to USD 500 billion by 2030.

Amidst these challenges, US Treasury Secretary Scott Bessent expressed confidence in overcoming these hurdles, emphasizing shared values between the two countries. Goyal further announced India's ongoing measures to fortify its economy and advocated for self-reliance in supply chains, promoting local ('Swadeshi') goods. Advanced discussions with the EU on a separate free trade agreement underline India's commitment to broadening its international trade landscape.

(With inputs from agencies.)