India and the United States are “very close” to finalising the first phase of their ambitious Bilateral Trade Agreement (BTA), a senior government official confirmed on Friday.
According to the official, both sides have reached broad consensus on most key issues, and negotiators are now working on finalising the precise language of the agreement. “There are not many differences left to resolve. Discussions are progressing smoothly, and no new issues have emerged as obstacles,” the official added, expressing optimism about meeting the intended timeline.
Negotiators from both nations held a virtual round of talks on Thursday. So far, five rounds of negotiations have taken place since March for the first phase of the trade deal, which was initially targeted for signing by the fall of 2025.
The BTA, formally proposed in February under the direction of both nations’ leadership, aims to more than double bilateral trade volumes—from the current USD 191 billion to USD 500 billion by 2030.
Last month, Commerce and Industry Minister Piyush Goyal visited the United States to lead high-level discussions on the trade pact. He was joined by a delegation that included India’s Chief Negotiator and Special Secretary Rajesh Agrawal.
In mid-September, a US delegation led by Assistant US Trade Representative for South and Central Asia Brendan Lynch held what were described as “positive and forward-looking” discussions with officials from India’s Department of Commerce. Both sides agreed to accelerate efforts for an early and mutually beneficial conclusion to the agreement.
Over recent months, India and the US have been negotiating an interim trade deal, during which the Indian side raised concerns over Washington’s push to further open India’s agricultural and dairy sectors. These sectors are considered crucial for India, as they provide livelihoods to millions.
Previously, US President Donald Trump had imposed a 25% tariff on Indian goods, which came into effect on August 1, despite expectations that a trade deal could help prevent such measures. Later, citing India’s continued imports of Russian oil, Trump announced an additional 25% tariff, taking the total to 50%, effective from August 27.
The US President had earlier imposed similar reciprocal tariffs on several countries with which Washington has trade deficits.
(With ANI Inputs)
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
