New Delhi: US Commerce Secretary Howard Lutnick has conveyed significant optimism regarding the upcoming finalization of a trade agreement between India and the United States, indicating that a deal could be achieved in the “not-too-distant future”.
Secretary Lutnick emphasized that both countries have identified a mutual interest that “really works for both countries,” hinting at a potential breakthrough in the protracted negotiations.
“You should anticipate a deal between the United States and India in the not-too-distant future… When they appoint the right individual in India, and the right individual on the other side of the table, and we’ve managed (that), I believe,” Lutnick stated at the US-India Strategic Partnership Forum’s Leadership Summit in Washington.
The two nations have intensified discussions regarding the trade deal following US President Donald Trump’s recent announcement of reciprocal tariffs on countries accused of creating trade imbalances, including India. However, these tariffs were subsequently suspended for 90 days until July 8, with the exception of China.
His comments, made during the eighth edition of the US-India Strategic Partnership Forum (USISPF) in Washington, highlight a significant effort by the Trump administration to accelerate trade agreements.
The US Commerce Secretary’s statements came just days after reports indicated that India is seeking a complete exemption from the additional 26 percent tariff imposed by the United States on its products, as both parties strive to finalize an interim trade deal before July 8. These comments also follow President Trump’s assertion that India had proposed a tariff-free trade agreement to the US, a claim that New Delhi has denied, clarifying that negotiations are still in progress to achieve a mutually beneficial deal.
Both nations are dedicated to collaborating,
On Monday, Commerce Minister Piyush Goyal stated that India and the US aim to provide preferential market access to each other’s businesses, and teams from both nations are collaborating on the proposed bilateral trade agreement.
“Both nations are dedicated to collaborating, both nations wish to provide preferential access to each other’s enterprises, and we are progressing towards a bilateral trade agreement,” Goyal stated.
In February, US President Trump and Indian Prime Minister Narendra Modi revealed intentions to initiate negotiations for the first phase of a mutually advantageous, multi-sector Bilateral Trade Agreement (BTA) by the fall (September-October) of 2025. This agreement aims to more than double the bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion.
A delegation of US officials is in India this week to engage in discussions regarding the proposed interim trade agreement between the two nations. Last month, India’s chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, completed a four-day visit to Washington. Commerce Minister Piyush Goyal also recently traveled to Washington to further advance the trade discussions.
