NEW DELHI, Oct 13: A team of senior officials from India will visit the US this week for trade talks and negotiations on the proposed bilateral trade agreement are progressing well, a top official said on Monday.
In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).
It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025.
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So far, five rounds of negotiations have been completed.
“The Indian team will visit this week,” the official added.
Last month, Commerce and Industry Minister Piyush Goyal led an official delegation to New York for trade talks.
After that meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.
Both sides held constructive meetings on various aspects of the trade deal.
During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.
The negotiations are important as the US imposed a 25 per cent reciprocal tariff and an additional 25 per cent penalty on Indian goods entering the American market for purchasing Russian crude oil.
At present, a total of 50 per cent additional import duty is imposed on Indian goods.
The pact aims to more than double the bilateral trade to USD 500 billion by 2030, from the current USD 191 billion.
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 (USD 86.5 billion exports).
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. (PTI)
