Union Commerce and Industry Minister Piyush Goyal on Thursday said the US team is expected to travel to India for trade negotiations with their counterparts in New Delhi next month.
Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, Goyal said the US trade delegation is likely to visit India next month for bilateral trade agreement (BTA) discussions. However, the US chief negotiator is not accompanying the team.
“I think he is not coming with them, but there is some plan for them to come next month," the minister said.
In April, the Indian side traveled to Washington, DC, for a series of in-person meetings with their US counterparts in order to finalise the details of the interim agreement and advance the negotiations under the larger BTA.
The US Secretary of State Marco Rubio will travel to India for four days beginning from May 23, to expand economic, defense and energy relations. This will be his first visit to India.
Meanwhile, US Ambassador Sergio Gor, speaking at the event, expressed great optimism that a historic bilateral trade agreement between Washington and New Delhi will be finalised in the “coming weeks and months".
“President Trump’s goal is to facilitate bilateral trade in a way that creates lucrative opportunities for American businesses and workers," Ambassador Gor said, highlighting the fundamental economic viewpoint driving the talks. Prosperity for both countries can be unlocked by finalizing our present interim trade deal.
“We look forward to completing the details of a new bilateral trade agreement that will expand market access, reduce barriers and create greater certainty for businesses on both sides. This agreement, if done right, will strengthen supply chains, catalyse new investments and drive sustained inclusive growth, bringing tangible benefits to industries, workers and economies," Gor explained.
Earlier, on February 2, India and the US displayed the framework of their bilateral trade agreement. On February 7, the deal’s text was made public. As part of the deal, India asks for preferential access to US markets as the two nations aim to reach USD 500 billion in bilateral commerce by 2030.
Under the earlier framework, the US had proposed reducing tariffs on Indian goods to 18 per cent from 50 per cent, while India had offered tariff concessions across industrial goods and a wide range of agricultural products.
However, Trump’s reciprocal tariffs, which were enforced under the 1977 International Emergency Economic Powers Act (IEEPA), were overturned by the US Supreme Court on February 20.
