India and the United States are moving closer to sealing a major trade agreement, aiming to more than double their bilateral trade to $500 billion by 2030 (from $191 billion currently).
Key Highlights:
- Both countries have finalised the Terms of Reference (ToRs) for the deal, covering 19 chapters including goods, services, customs, investments, and more.
- A high-level Indian delegation, led by Rajesh Agrawal (India’s chief trade negotiator and future commerce secretary), will visit Washington on April 23 for three days of talks.
- This comes soon after a US trade team led by Brendan Lynch visited India in March.
- Talks are being fast-tracked to take advantage of a 90-day tariff pause by the US, announced on April 9.
📊 What’s on the Table?
- The US wants greater access to Indian markets for electric vehicles, industrial goods, wines, dairy, apples, tree nuts, and more.
- India wants better terms for exports like textiles, gems, jewellery, chemicals, seafood, and farm produce.
📈 Trade Snapshot (2024-25)
- India’s trade surplus with the US: $41.18 billion.
- Top Indian exports to the US: Medicines, telecom gear, gems, petroleum, jewellery, and garments.
- Top US exports to India: Crude oil, petroleum products, coal, diamonds, aircraft parts, and gold.
The next round of talks is expected to sort out pending issues and pave the way for a historic trade deal between the two countries — one of the largest in India’s history.
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