US Secretary Expects Trade Deal with India Soon
The potential trade deal between the US and India is expected to have a significant impact on the economies of both countries, with the goal of increasing bilateral trade to $500 billion by 2030. The agreement will focus on creating new jobs, building durable supply chains, and achieving prosperity for workers, and is seen as a key step in strengthening economic ties between the two nations.
US President Donald Trump stated that negotiations with India for a bilateral trade deal are "coming along great" and that he thinks the US will have a deal with India, with Treasury Secretary Scott Bessent noting that the two countries are "very close" to an agreement.
The trade talks between the US and India have been ongoing, with India's chief negotiator, Additional Secretary in the Department of Commerce Rajesh Agrawal, leading the team for the first in-person talks. The US and India aim to finalize a mutually beneficial trade agreement by the fall of 2025, as announced by President Trump and Prime Minister Narendra Modi in February. Vice President JD Vance's visit to India last week resulted in significant progress on a bilateral trade agreement, with the two countries agreeing to double their bilateral trade to $500 billion by 2030, under the "Mission 500" plan.
The agreement will focus on shared priorities, including creating new jobs, building durable supply chains, and achieving prosperity for workers. India and the US have finalized the terms of reference for the trade negotiations and are expected to finalize the first tranche of the bilateral trade agreement by the fall of 2025. The agreement will aim to increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration.
Representatives from India's Department of Commerce and the US Trade Representative met in Washington, DC, from April 23-25, 2025, to discuss the agreement, with the discussions described as "fruitful" and "productive". The two sides agreed on a pathway for concluding the first tranche of the agreement by the fall of 2025, which is part of the Leaders' Statement of February 2025, aimed at enhancing and expanding economic ties and supply chain integration between the two countries.