US optimistic for near-future trade deal with India: Commerce Secretary
What's the story
United States Commerce Secretary Howard Lutnick has expressed optimism about a potential trade deal between India and the US.
Speaking at the eighth edition of the US-India Strategic Partnership Forum (USISPF) in Washington, he said, "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."
Key personnel
Lutnick highlights importance of key personnel in negotiations
During negotiations, Lutnick emphasized the significance of having the right people on both sides.
"When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think," he added.
Lutnick also claimed India may have more beneficial terms from being one of the first pacts negotiated.
"Earlier countries get a better deal...So those who come in July 4th-July 9th, there's just going to be a pile," Lutnick said.
Bilateral talks
India and US work toward bilateral trade agreement
This statement comes ahead of a crucial round of face-to-face talks between Indian and US officials in New Delhi.
Like the US, India said it is also actively working to finalize a bilateral trade agreement.
Commerce Minister Piyush Goyal said both countries are committed to giving each other's businesses preferential access.
The proposed pact aims to more than double bilateral trade from $191 billion to $500 billion by 2030, with the first phase likely to be finalized by September-October 2025.
Ongoing negotiations
Interim agreement and tariff discussions underway
Prime Minister Narendra Modi and US President Donald Trump launched the India-US trade agreement in February.
A Washington delegation is currently in New Delhi to finalize an interim agreement by the end of June.
India is pushing for a full exemption from the 26% reciprocal tariff imposed by Trump on Indian goods exported to the US.
However, Trump has warned that ongoing tensions between India and Pakistan could hinder progress on this deal.