Washington: A long-anticipated trade deal between India and the United States may be on the verge of materialising, with both sides reportedly close to ironing out key details that could reshape bilateral economic ties. US Commerce Secretary Howard Lutnick, speaking at the US-India Strategic Partnership Forum (USISPF) in Washington on Sunday, June 1, signalled that the agreement could be finalised in the near future, describing the current negotiation stage as a breakthrough.
“You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries,” Lutnick said in his address, hinting at behind-the-scenes progress between trade officials from both nations.
Final Talks Underway as Deadline Nears
The comments come just as a senior US delegation lands in New Delhi this week for what is expected to be the final round of in-person negotiations. Talks have gained urgency with both sides aiming to seal an interim trade agreement by the end of June, potentially laying the groundwork for a broader multi-sectoral pact to be concluded by September or October this year.
Lutnick indicated that India's proactive engagement could work in its favour. “Earlier countries get a better deal, that’s the way it is. So those who come in July 4th to July 9th, there’s just going to be a pile,” he remarked, adding that India is trying to be ahead of that curve.
India, for its part, has expressed similar optimism. Commerce and Industry Minister Piyush Goyal, speaking to the press in France on Monday, June 2, confirmed, “Both countries are committed to work together, and both desire to give preferential access to each other’s businesses. We are working towards the bilateral trade agreement.”
$500 Billion Ambition and Tariff Relief Push
Announced in February by Prime Minister Narendra Modi and US President Donald Trump, the India-US trade deal aims to more than double the current trade volume of $191 billion to $500 billion by 2030.
India is also lobbying hard for a complete exemption from the 26% reciprocal tariff Washington currently imposes on Indian exports, a sticking point that negotiators are hoping to resolve this month.
