India, US target 1st-phase trade deal by fall 2025
India and the US are pushing ahead with a Bilateral Trade Agreement, aiming for a first-phase deal by fall 2025.
After five rounds of talks this year, both sides sound optimistic—Commerce Minister Piyush Goyal noted, "We are in dialogue with the USA, our teams are engaged... talks are progressing. We hope to work toward a fair and equitable agreement in the near future."
The US remains India's top trading partner, with trade between the two countries reaching $131.84 billion in 2024-25.
What will this deal mean for both sides?
This deal could seriously ramp up India-US trade—from $191 billion now to a target of $500 billion by 2030.
If approved, US tariffs on Indian goods might drop from as high as 50% to around 15-16%, making Indian textiles, engineering goods, and pharma way more competitive in American markets.
Talks also focus on energy (like shifting away from Russian oil) and agriculture—but India wants to protect its farmers while opening up just enough to benefit both sides.