US-India trade deal nears first-phase closure

India remains engaged with the United States on the proposed Bilateral Trade Agreement (BTA), and the first tranche of the deal, focused on addressing reciprocal tariffs, is now “near closure”, Commerce Secretary Rajesh Agrawal said on Monday while releasing the October trade data. Agrawal noted that India and the US have been holding virtual discussions on the BTA for months.

- TBG NETWORK

The agreement comprises two components, he explained: one that will naturally take more time to negotiate, anda first tranche aimed at resolving tariff-related issues.”The part relating to reciprocal tariffs should happen sooner rather than later,” he said, while cautioning that specific deadlines cannot be set.The BTA, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modis visit to Washington earlier this year.In recent months, negotiations have continued despite tariff escalations by the United States.