India-US Trade Deal Likely Soon, Says Trump Aide: 'Not Too Distant Future Because...'

A trade agreement between New Delhi and Washington may be concluded shortly, according to US Commerce Secretary Howard Lutnick, who stated that India and the United States have "found a place that really works for both countries."

His comments were made ahead of the final round of in-person negotiations between the two nations, scheduled to take place in New Delhi this week.

Photo Credit: PTI

"You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries," Lutnick remarked during his keynote speech at the eighth edition of the US-India Strategic Partnership Forum (USISPF) on Sunday.

"When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think," he added.

Lutnick also suggested that India could secure more advantageous terms by being among the early signatories.

"Earlier countries get a better deal, that's the way it is. So those who come in July 4th to July 9th, there's just going to be a pile," he said, noting that India is attempting to finalise its agreement ahead of that period.

India Expresses Optimism

India has likewise expressed confidence, stating it is actively working to finalise the proposed bilateral trade pact that would substantially boost trade volumes and offer preferential market access to each country's businesses.

Speaking to the media in France on Monday, Commerce and Industry Minister Piyush Goyal said, "Both countries are committed to work together, and both desire to give preferential access to each other's businesses. We are working towards the bilateral trade agreement."

The proposed India-US trade agreement, initially announced in February by Prime Minister Narendra Modi and then-US President Donald Trump, is envisioned as a multi-sector deal.

The first phase is expected to be completed by September-October 2025.

The agreement aims to more than double the current bilateral trade volume-from USD 191 billion to USD 500 billion-by 2030.

A US delegation is presently in New Delhi to progress discussions on an interim arrangement, which is anticipated to be finalised by the end of June.

India is pushing for a full exemption from the 26 per cent reciprocal tariff imposed by President Trump on Indian exports to the United States.