India-US Trade Talks: Aiming for a $500 Billion Milestone

India and US officials are in early-stage negotiations over a proposed bilateral trade agreement. The talks aim to boost trade to $500 billion by 2030. The discussions involve reciprocal tariffs and duty concessions in various sectors. The first tranche of the deal is expected by fall 2025.

India and the United States are currently in early talks for a new bilateral trade agreement, with discussions set to wrap up this Saturday, according to government sources. The negotiations are led by Brendan Lynch, the Assistant US Trade Representative for South and Central Asia.

One key issue in these talks is the United States' push to lower tariffs on its goods, including automobiles and agricultural products, while India seeks concessions in its textiles sector. The discussions come amid US President Donald Trump's imposition of reciprocal tariffs on key trading partners, including India.

The ultimate goal of these negotiations is to conclude the first phase of the agreement by the fall of 2025, with an ambitious target to elevate bilateral trade from over $190 billion to $500 billion by the year 2030. Meanwhile, India's Commerce and Industry Minister Piyush Goyal has emphasized the importance of protecting India's interests as these talks progress.

(With inputs from agencies.)