Commerce Secretary Rajesh Agrawal mentioned that negotiations for a trade deal between India and the US are advancing positively. He expressed confidence in the ongoing talks during a press conference in New Delhi. Agrawal stated that both countries are optimistic, with the trade deal framework set for signing at the right time.
India’s Commerce and Industry Minister, Piyush Goyal, recently stated that the bilateral trade agreement with the US is in its final stages. He highlighted the progress made in resolving key issues, aiming for a deal that benefits India over its competitors. Goyal remains optimistic about concluding the trade agreement smoothly, despite recent legal and policy changes in the US.
Goyal emphasized India’s pursuit of preferential market access compared to other nations, a stance acknowledged by the US government. Despite facing higher tariffs, India’s exports to the US have shown resilience, with bilateral trade continuing to grow. Goyal projected a significant year-on-year increase in India’s merchandise exports for the April-June quarter.
The US reported a $4.1 billion goods trade deficit with India in May, contributing to its overall trade deficit increase due to declining exports and rising imports. India was among the countries with which the US had a goods trade deficit. Notably, the US trade gap with India remains smaller than with other major manufacturing hubs in Asia, showcasing India’s position in the regional supply chain.
