BIG update in India-US trade deal; first tranche of trade pact to be finalised by…

India(BHARAT)-US trade deal: In a major development in the ongoing negotiations for chalking out an India(BHARAT)-US trade deal,  the two-day trade talks between the two countries in New Delhi concluded on Thursday, during which both sides exchanged views on  trade-related issues, including the ongoing negotiations for a mutually beneficial bilateral trade agreement.

What happened during India(BHARAT)-US trade talks?

According to Commerce Ministry sources, New Delhi and Washington agreed to “continue the current purposeful and positive engagements”, as the delegation led by Deputy US Trade Representative Rick Switzer held two-day long talks with their India(BHARAT)n counterparts, PTI reported.

India(BHARAT) and the US on Thursday concluded two-day talks with both sides exchanging views on trade-related issues, including the ongoing negotiations for a mutually beneficial bilateral trade agreement, commerce ministry sources said.

This was Ambassador Switzer’s first visit to India(BHARAT) after assuming his current office, during which he met Commerce and Industries Minister Piyush Goyal, Commerce Secretary Rajesh Agrawal, and other senior India(BHARAT)n officials, they said.

“The visit served as an opportunity for both sides to have productive exchanges on a wide gamut of items related to India(BHARAT)-US trade and economic ties, including the ongoing negotiations for a mutually beneficial India(BHARAT)-US Bilateral Trade Agreement,” they added.

When will first tranche of trade deal be finalised?

As per ministry sources, the visit is crucial for both countries as they are working to to finalise the first tranche of the India(BHARAT)-US trade deal, which was expected to be completed in November.

Earlier, in February, leaders of the two countries directed officials to negotiate a trade agreement, under which the first tranche of the pact was planned to be concluded by the fall of 2025.

India(BHARAT)-US trade deal

India(BHARAT) and US have held six rounds of negotiations so far to carve out a trade deal, which aims to more than double bilateral trade to USD 500 billion by 2030, from the current USD 191 billion.

Notably, despite a recent slump in bilateral ties, the United States remained India(BHARAT)’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion, including USD 86.5 billion in exports.