India and the United States have finalised ‘terms of reference’ over the first segment of a bilateral trade deal, a trade official said on Friday.
The official further stated that there was a possibility of a ‘win-win shape and form’ to the deal in the next 90 days. India is trying to finalise the trade deal with the US by the fall of this year, aiming to more than double the bilateral trade to $500 billion by 2030 from the current about $191 billion. “The work has started. India is far ahead of other countries in negotiating a trade deal,” the official added.
Earlier today, Union Commerce and Industry Minister Piyush Goyal said talks with the US are progressing with an ‘India first’ approach, and the government is taking steps to safeguard national interests.
Meanwhile, speaking at a tech summit on Friday, External Affairs Minister S Jaishankar also mentioned that India has geared up for a “very high degree of urgency” in terms of trade pact with the US.
“This time around, we are certainly geared up for a very high degree of urgency. We see a window here and we want to seize that window. Our trade teams are really charged up. This is normally a complaint which in the past was made about us, that we are the guys slowing it down. Today, it is the other way around. We are trying to communicate that urgency on all three accounts,” Jaishankar said.
This development comes amid Donald Trump’s global threats of reciprocal tariffs. Just days after announcing the tariff rates, Trump temporarily paused their implementation for 90 days for several trade partners, including India.
