India and the United States are making steady headway in strengthening their economic partnership, with ongoing discussions aimed at finalising a comprehensive trade agreement, the Ministry of External Affairs (MEA) said on Thursday.
Speaking at a weekly media briefing in New Delhi, MEA spokesperson Randhir Jaiswal described the negotiations as “constructive,” noting that both sides are working to address mutual concerns while deepening economic cooperation. He added that the talks are aligned with a broader goal of significantly expanding bilateral trade to USD 500 billion by 2030.
“These engagements are ongoing and constructive. Both sides are working towards a balanced, mutually beneficial and forward-looking trade agreement that takes into account each other’s priorities,” Jaiswal said.
Recent developments in Washington indicate that the negotiations are nearing completion. A senior US official said discussions between New Delhi and Washington have been “positive and productive,” with most substantive issues already resolved. Another official familiar with the talks suggested that only a few gaps remain.
The current round of negotiations involves Indian officials engaging with the Office of the US Trade Representative (USTR). The American side is being led by Brendan Lynch, Assistant US Trade Representative for South and Central Asia, while India’s delegation is headed by Darpan Jain, Additional Secretary in the Department of Commerce.
The presence of senior representatives from both sides underscores the growing momentum behind the proposed agreement. While specific details remain under wraps, expectations are building that a formal announcement could be imminent.
The trade talks are part of a broader push to reduce tariffs and expand market access between the two countries. A successful agreement would mark a major milestone in economic ties between the US—the world’s largest economy—and India, one of the fastest-growing major economies.
The groundwork for the deal was laid earlier this year. On February 7, both countries announced a framework for an interim agreement focused on reciprocal and mutually beneficial trade. This followed the launch of broader bilateral trade agreement (BTA) negotiations initiated by US President Donald Trump and Indian Prime Minister Narendra Modi on February 13, 2025.
Meanwhile, Union Commerce and Industry Minister Piyush Goyal said the first tranche of the proposed agreement is “almost finalised.” Speaking on the sidelines of the India-Korea Business Forum in New Delhi, Goyal said efforts are now focused on securing preferential market access for Indian goods in the US.
“We are trying to close the remaining details and work out mechanisms that will ensure India gets better market access compared to competitors,” he said.
With negotiations entering their final stages, both sides appear poised to conclude a deal that could significantly reshape bilateral trade relations.
(With inputs from ANI)