New Delhi: The bilateral trade agreement between India and the US is progressing in a cordial atmosphere, and the capital will protect the interests of fishermen, farmers, and the MSME sectors. Commerce and Industry Minister Piyush Goyal confirmed.
“Bharat ke kisano ka, machhuvaaron ka, Bharat ke MSME sector ka, jub tak desh hiton ko puri tarah se hum sambhalen nai, tab tak koi agreement kiya nai jata (No agreement can be made until we take care of the interests of India’s farmers, fishermen, and MSME sector),” Piyush Goyal stated.
These statements are crucial as the US is seeking negotiations in India’s agricultural sector. The Commerce Secretary, Rajesh Agarwal, is also heading an official team, which is in Washington to hold trade talks with their US counterparts.
Earlier this year, Indian leaders and US-directed officials were involved in a proposed Bilateral Trade Agreement (BTA). The first tranche of this pact also had a deadline, which will conclude in (October-November). As of now, five rounds of the negotiations have been completed.
These deliberations are important, for both nations’ relations have been reeling under severe stress after US President Donald Trump imposed a 50% tariff on Indian goods, including a 25% additional import duty on Russian crude oil.
However, Indian Prime Minister Narendra Modi and Trump engaged in a phone call recently, which ultimately raised hopes of negotiations of the trade deal.
Brendan Lynch holds talks with Indian officials
The Assistant US Trade Representative for South and Central Asia, Brendan Lynch, congregated with Indian officials in New Delhi on September 16. It was reported that both sides had mutually agreed on the negotiations of the agreement.
The proposal agreement aims to more than double the bilateral trade to USD 500 billion by 2030, compared to the current USD 191 billion. The US is still India’s largest trading partner for the fourth successive year in 2024-25, with bilateral trade valued at USD 131.84 billion, including USD 86.5 billion in exports. This accounted for about 18% of India’s total goods exports.