NEW DELHI: The talks for a trade deal between India and the United States are progressing well, and the Bilateral Trade Agreement (BTA) with the United States would be “most detailed and WTO-compliant”, a government official said on Tuesday.
The official stated that negotiations with the US are being conducted with consideration for sensitive issues and sectors, and another round of talks may not be necessary.
“The talks for the India-US Bilateral trade deal are progressing well. BTA with the United States would be most comprehensive, most detailed and WTO-compliant. Negotiations are being carried out keeping in mind sensitive issues and sensitive sectors and another round of negotiations may not be required,” said the official, who spoke on condition of anonymity.
Meanwhile, Union Commerce and Industry Minister Piyush Goyal, on Tuesday, said that the government is trying to work out a fair, equitable and balanced trade deal with the United States and is also preparing for every contingency.
The minister, who attended the Udyog Samagam-2025 at Sushma Swaraj Bhawan in the national capital, said national interest will be the top priority in finalising the trade deal.
“We are, of course, trying to work out a fair, equitable and balanced trade deal. If that happens, it could happen any day. It could happen tomorrow. It may happen next month. It may happen next year. But as a government, we are preparing for every contingency,” Goyal said.
Goyal had said, earlier this month that talks on the India-US Bilateral Trade Agreement are “going on very well”, but said that there are “many sensitive and serious issues” and it would take time.
“Talks are going on very well. There are many sensitive issues, many serious issues, so naturally, it takes some time,” Goyal said, when asked to provide an update on India-US trade talks.
A government official had recently said that India and the US were “very near” to finalising the first tranche of the ambitious Bilateral Trade Agreement (BTA).
The BTA, formally proposed in February following directives from leaders of the two countries, aims to more than double trade volumes from the current USD 191 billion to USD 500 billion by 2030.
The talks for Bilateral Trade Agreement (BTA) were announced during Prime Minister Narendra Modi’s visit to the United States in February this year.
“The leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025,” said the joint statement issued during visit of PM Modi to the United States.
US President Donald Trump announced 25 per cent tariffs on Indian goods that took effect on August 1, even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs.
A few days later, he imposed another 25 per cent tariff, taking the total to 50 per cent, citing India’s continued imports of Russian oil. (ANI)
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