India, US trade talks progressing; Piyush Goyal hopeful for fair, equitable deal

India and the United States are making progress in negotiations for a proposed bilateral trade agreement, Commerce and Industry Minister Piyush Goyal said on Thursday, expressing hope that both sides would reach a fair and balanced deal soon.

An Indian delegation led by Commerce Secretary Rajesh Agrawal held three days of discussions with US officials in Washington last week, concluding on Oct 17.

“We are in dialogue with the USA, our teams are engaged... talks are progressing. We hope to work towards a fair and equitable agreement in the near future,” Goyal told state broadcaster Doordarshan in Berlin.

Talks between the two countries resumed earlier this year after leaders directed officials to finalise the first phase of a Bilateral Trade Agreement (BTA) by the fall of 2025. Five rounds of discussions have been completed so far.

The negotiations, which aim to boost annual trade to $500 billion by 2030 from $191 billion currently, come amid lingering tensions over US tariffs on Indian goods introduced during the Trump administration, including additional duties on imports linked to Russian crude purchases.

The United States has remained India’s largest trading partner for four consecutive years, with bilateral trade in 2024/25 valued at $131.84 billion, accounting for 18% of India’s total goods exports, according to government data.