Trade Agreement
India, US talking to finalise scope of trade pact, says govt source
This story was originally published at 18:13 IST on 17 March 2025
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NEW DELHI – India and the US are currently engaged in finalising the scope of the proposed multi-sectoral bilateral trade agreement, a trade ministry official said. Last month, the two countries agreed to negotiate a trade deal and set an aim to launch their first tranche by the fall season.
Under the scoping exercise, both the sides would delineate the matters that they would discuss during the trade negotiations. "After finalising the scope of the agreement, India and the US would soon launch the negotiations," the official said.
Earlier this month, Goyal visited Washington and met US Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick. "Had a forward looking discussion with United States Trade Representative Jamieson Greer on a mutually beneficial Bilateral Trade Agreement," Goyal said in a post on X on Friday. "Our approach will be guided by ‘India First', ‘Viksit Bharat' and our Comprehensive Strategic Partnership."
India, through the trade pact, aims to safeguard its exports from US' proposed reciprocal tariffs. President Donald Trump has announced that Washington would impose from Apr. 2 reciprocal tariffs on India and several other countries, based on the duty levied by them on American goods.
The US is India's top export destination, with its share in the country's total merchandise exports at about 17%. In FY24, India exported goods worth $77.52 billion to the US and had a trade surplus of $35.32 billion. End
US$1 = INR 86.80
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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