India and US making progress towards trade deal, officials say
Indian and US officials made progress towards a bilateral trade agreement during several days of talks in New Delhi, they said on Saturday.
The negotiations, led by officials from India's commerce ministry and a US trade delegation headed by Brendan Lynch, assistant US trade representative for South and Central Asia, were held from26-29 March.
The talks come as US President Donald Trump prepares to impose reciprocal tariffs on multiple trading partners from 2 April, with India hoping for an exemption amid the bilateral talks. Both countries aim to sign the first tranche of a bilateral trade deal by the fall this year.
Keep updated, follow The Business Standard's Google news channel
"The successful conclusion of the discussions reflects progress in efforts to expand India-U.S. bilateral trade and investment relations to promote prosperity, security and innovation in both countries," a joint statement said.
Last month, during Prime Minister Narendra Modi's visit to Washington, India pledged to boost purchases of US energy products and defence equipment, and the two sides agreed to aim for a deal targeting bilateral trade of $500 billion by 2030.
Trump has called India a "tariff king", with the US seeking India to reduce tariffs on products ranging from agricultural goods and alcoholic beverages to automobiles, and greater market access for US companies.
Piyush Goyal, India's trade minister, visited Washington earlier this month for talks with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
Sector-specific expert engagements for the bilateral trade agreement will begin virtually in the coming weeks, followed by an in-person negotiating round, the joint statement said.
The US currently has a $45.6 billion trade deficit with India. While the US trade-weighted average tariff rate stands at about 2.2%, India's average tariff is significantly higher at 12%, according to World Trade Organization data.
