The negotiations over trade deal between New Delhi and Washington are back on track and the first tranche of the long-anticipated India-US bilateral trade agreement
is expected to be finalised by November this year, said Commerce and Industry Minister Piyush Goyal. Speaking at a press conference in Patna on Thursday, Union Minister Piyush Goyal said, "In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied."
India and the US have been negotiating a bilateral trade agreement since March. So far, five rounds of negotiations have been completed. For the sixth round, the US team, which was to visit India last month, deferred their visit.
The two countries in February announced to conclude the first phase of the India-US bilateral trade agreement by fall of 2025.
Reset In India-US Ties?
Goyal's comments come a day after President Trump and PM Modi indicated through their exchange on social media that a thaw was visible in the relationship between the two countries.
India and the US are natural partners and teams from both sides are working to conclude negotiations on a bilateral trade deal, Prime Minister Narendra Modi said on Wednesday in response to US President Donald Trump's remarks that efforts are on to address "trade barriers" between the two countries.
Read More -India-US Trade Talks Back on Track: Chief Negotiator to Visit Washington, Modi-Trump Call Expected
The relations between India and the US have been strained since Trump's administration unilaterally imposed sweeping tariffs on Indian goods entering the US.
The US has imposed a 50 per cent import duty on Indian goods entering American markets from August 27. It is affecting exports of labour-intensive sectors such as shrimp, textiles, leather and footwear.
India Eyes Multiple Trade Pacts
Goyal on Wednesday said that negotiations are going on with the European Union as well in the national capital for concluding a trade agreement. Further, India is also negotiating a trade pact with New Zealand, and Oman, Goyal said. The minister said that India has already concluded trade pacts with Mauritius, EFTA bloc, the UK, UAE and Australia.
(With agency inputs)
