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Informist, Tuesday, Jun. 3, 2025

 

MUMBAI – US Secretary of Commerce Howard Lutnick has said that a trade deal with India can be expected in the "not too distant future". India and the US have found a place "that really works for both countries", Lutnick said at the US-India Strategic Partnership Forum Annual Leadership Summit in Washington.

 

"Earlier countries get a better deal," Lutnick said in reference to the Jul. 9 deadline after which reciprocal tariffs will come into effect for the US' trading partners. Without a trade deal, the US will charge a 26% duty on imports from India. "India is trying hard to be one of the earlier countries (to sign a trade deal)," Lutnick added.

 

He said the US would like access to Indian markets as part of the trade deal, and to reduce the trade deficit with India. "In exchange for that, what India is going to want is special access to certain key markets in the US."

India and the US have held multiple rounds of negotiations on a trade deal. Last month, Indian government officials, along with Commerce and Industry Minister Piyush Goyal, visited Washington for the trade talks. US government officials will visit India this week to discuss the proposed bilateral trade agreement.
 

Lutnick said India was already moving towards buying defence goods from the US, instead of Russia. The Indian government is also addressing concerns raised by US President Donald Trump on the BRICS bloc and its plan of moving away from the dollar. "That's how you move on to really positive places," he said.

 

Lutnick said the US wanted to bring back advanced manufacturing, but there were a number of product categories that "we are going to be delighted for India to produce". "You will have a trade deal that says these kinds of industries would be great for India to produce," he said.

 

"You create a trade deal that puts India in a unique position because it will have a special relationship with the US and in certain industries, it will have better tariff relationships than most other countries, which means India will be the beneficiary of those kinds of products."  End

 

Reported by Shubham Rana

Edited by Avishek Dutta

 

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