New Delhi: India is hopeful of finalising the first tranche of its bilateral trade agreement (BTA) with the United States by the end of this year, as most pending issues have already been resolved, Commerce Secretary Rajesh Agrawal said on Friday.
Agrawal stated that India remains “optimistic of finding a solution within this calendar year,” while also emphasising that “there are areas which are non-negotiable for India.”
Speaking at FICCI’s 98th AGM and annual convention, he recalled that the two countries initially committed to completing the first tranche of the agreement by the fall of 2025, but negotiations have progressed significantly since then. The Commerce Ministry is currently engaged with the US on the BTA, as well as in detailed discussions on reciprocal tariffs.
India is negotiating two separate deals with the US — one focused on a comprehensive trade pact, and another to resolve additional reciprocal tariffs imposed by Washington. The tariff-related agreement will include both the 25 per cent reciprocal tariffs and the 25 per cent oil tariffs.
“We are engaged in extensive discussions on a long-term trade framework to address reciprocal tariff concerns with the US,” Agrawal said.
He added that the trade deal would significantly benefit Indian exporters once higher US tariffs are lifted.
Agrawal also told the Parliamentary Standing Committee on Thursday that India’s exports to the US have risen. Regular virtual discussions are being held on the BTA, with the first phase of talks progressing swiftly.
Former US President Donald Trump has previously sent positive signals about strengthening US–India relations, expressing willingness to “lower tariffs” on Indian goods “at some point,” raising hopes of an early breakthrough in trade negotiations.
With inputs from IANS