India and US Set Stage for Landmark Bilateral Trade Agreement Amid Turbulent Tariff Tensions
Senior Indian officials are visiting the US to expedite negotiations on a Bilateral Trade Agreement (BTA) after facing tariff challenges and visa policy concerns. Both countries aim to conclude the agreement by fall 2025, seeking to double trade to $500 billion by 2030.
- Country:
- India
A high-level Indian delegation is headed to the United States this week to accelerate negotiations on a proposed Bilateral Trade Agreement (BTA). Officials have confirmed that talks are progressing well, with both nations eager to fast-track discussions to boost economic ties.
Negotiations, directed by leaders in February, aim to finalize the pact's first tranche by fall 2025. Five negotiation rounds have been completed, with recent discussions involving Commerce and Industry Minister Piyush Goyal and US counterparts in New York. Despite challenges like high import tariffs and H1B visa policies, recent positive exchanges between Prime Minister Modi and President Trump have bolstered hopes for a successful accord.
The proposed agreement looks to double bilateral trade to $500 billion by 2030, amidst the backdrop of US being India's top trading partner. The current trade stands at $191 billion, with both sides keen on enhancing energy trade. Continuing deliberations are crucial for creating a mutually beneficial economic pathway for both countries.
(With inputs from agencies.)
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