India, US close to sealing pact, eyeing $500B trade

India and the US are closing in on a long-awaited trade deal that could set the stage for a dramatic expansion of bilateral commerce to $500 billion by 2030 more than double the current value of $191 billion.

- Issac John [e-mail]

US President Donald Trump and Indian Prime Minister Narendra Modi at an event during Trump's first term. For the Trump administration, an India-US deal could strengthen its Indo-Pacific economic architecture. – FILE PHOTO

Officials say most sticking points have been resolved, even as New Delhi insists it will not rush into any agreement that compromises its economic sovereignty or policy flexibility.

A senior government official confirmed that “there has been convergence on most issues, and a deal is in sight.” The comments come amid renewed negotiations between the two countries following several rounds of technical talks led by Commerce Secretary Rajesh Agarwal and US Assistant Trade Representative Brendan Lynch.

Commerce and Industry Minister Piyush Goyal, who is spearheading India’s trade diplomacy, reiterated that while India seeks an equitable partnership, it will resist political or economic pressure. Speaking at the Berlin Global Dialogue, he said: “We don’t do deals in a hurry, and we don’t do deals with deadlines, with a gun on our head. Trade pacts are not just about tariffs, they’re about trust, long-term relationships and sustainable frameworks.”