According to US Commerce Secretary Howard Lutnick, India might benefit from having one of the first agreements reached.
Washington D.C. According to US Commerce Secretary Howard Lutnick, the trade agreement between Washington and New Delhi may soon be finalized. He stated that India and the US have “found a place that really works for both countries.” The comments were made in advance of the final round of in-person talks between the US and India, which are scheduled for this week in New Delhi.
In his keynote speech at the eighth edition of the US-India Strategic Partnership Forum (USISPF) held here on Sunday, Lutnick stated, “I think we found a place that really works for both countries, so you should expect a deal between the United States and India in the not too distant future.”
“When they put the right person in India, put the right person on the other side of the table, and we’ve managed (that), I think,” he said.
Lutnick added that India might benefit from being one of the first agreements reached.
“The way it stands, earlier countries receive a better bargain. There will therefore be a backlog for individuals who arrive between July 4 and July 9, Lutnick stated, adding that India is attempting to arrive earlier.
India Is Likewise Upbeat
India added that it is aggressively pursuing the proposed bilateral agreement, which would greatly increase trade and give each other’s companies preferential market access. “Both countries are committed to working together, and both want to give preferential access to each other’s businesses,” said Piyush Goyal, the minister of commerce and industry, in a Monday interview with French media. The bilateral trade agreement is what we are aiming for.
India-US Trade Agreement
Prime Minister Narendra Modi and US President Donald Trump announced the trade deal between India and the US in February. The first phase of the proposed multi-sector agreement is anticipated to be completed by September or October 2025. By 2030, the bilateral trade volume is expected to more than double from the current USD 191 billion to USD 500 billion.
In order to forward talks on an interim agreement that should be finalized by the end of June, a Washington group is presently in New Delhi. New Delhi is advocating for a full exemption from the reciprocal tax of 26% that US President Donald Trump has placed on Indian goods that are exported to the US.
