India, US agree to finalise first tranche of bilateral trade agreement by fall 2025
New Delhi, March 29 (IANS) In a bid to expand their bilateral trade to $500 billion by 2030, India and the US on Saturday concluded their talks in the national capital, broadly reaching an understanding to finalise the first tranche of the bilateral trade agreement (BTA) by fall 2025.
As a follow-up to the India-US joint statement of February 13 during the successful meeting of Prime Minister Narendra Modi with US President Donald Trump, representatives of India’s Department of Commerce and the Office of the US Trade Representative convened in New Delhi from March 26-29.
In a statement, the Ministry of Commerce and Industry said that in order to realise the shared objective of promoting growth that ensures fairness, national security and job creation, both sides have through four-days of discussions in New Delhi broadly come to an understanding on the next steps towards a mutually beneficial, multi-sector BTA, with the goal to finalise its first tranche by fall 2025.
“Sectoral expert level engagements under the BTA will start virtually in the coming weeks and pave the path for an early negotiating round in person,” the ministry informed.
During these discussions, the two sides also had a productive exchange of views on deepening bilateral cooperation in priority areas, including increasing market access, reducing tariff and non-tariff barriers and deepening supply chain integration in a mutually beneficial manner.
“The successful conclusion of the discussions reflects progress in efforts to expand India-US bilateral trade and investment relations to promote prosperity, security and innovation in both countries. These steps are designed to unlock new opportunities for businesses, drive bilateral economic integration, and reinforce the economic partnership between India and the United States,” according to the ministry statement.
The meeting followed the visit of Union Commerce and Industries Minister, Piyush Goyal, to Washington, D.C. earlier this month, during which he met his US counterparts –Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick and subsequent video conferences between the two sides.
Both sides look forward to building on this milestone in the coming months to finalise the BTA, ensuring it aligns with the shared goals of prosperity, resilience, and mutual benefit.
–IANS
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