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India, US have agreed to continue discussions to finalise a beneficial trade agreement which both nations aim to achieve early.
What’s happening: this comes after a delegation led by Commerce and Industries Minister, Piyush Goyal visited the US from September 22-24, as India navigates 50% tariffs slapped by US President Trump on India.
The delegation also met major US-based businesses and investors to promote trade and investment between India and the US.
The sixth round of official negotiations was scheduled to take place in New Delhi in the last week of August but was called off due to reciprocal and penalty tariffs.
The meeting comes in the backdrop of key developments in India-US diplomatic relations, such as tariff on Indian imports, $100,000 fee on visa petitions and new 100% tariff on branded and patented drugs.
Background: in February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA). It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025. The pact is aimed at more than doubling the bilateral trade to $500 billion by 2030 from the current $191 billion.
