India remains in discussions with the United States on the proposed Bilateral Trade Agreement (BTA), and the first tranche of the deal — focused on resolving reciprocal tariff issues — is “near closure,” Commerce Secretary Rajesh Agrawal said on Monday while releasing the October trade data.
Agrawal said virtual negotiations on the BTA have been underway for several months. The agreement has two components: a broader segment that will require deeper negotiations, and an initial tranche designed specifically to address tariff-related concerns.
“The part relating to reciprocal tariffs should happen sooner rather than later,” he said, while clarifying that it is not possible to set a firm deadline for completion.
The BTA was formally proposed in February following directions from the leadership of both nations. It seeks to more than double bilateral trade — from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modi’s visit to Washington earlier this year.
Negotiations have continued despite tariff escalations by the United States in recent months. US President Donald Trump imposed a 25 per cent tariff on Indian goods starting August 1, followed by another 25 per cent increase days later, citing India’s continued purchase of Russian oil. Washington has imposed reciprocal tariffs on multiple countries with which it has trade deficits.
Agrawal confirmed that the India-US LPG supply arrangement, long under consideration, is also moving ahead. He stressed that the prospective LPG purchase is not linked to BTA negotiations but will support the broader trade balance between the two countries.
(ANI)