India-US Trade Deal: Fast Progress in Negotiations

Commerce and industry minister Piyush Goyal announced on Saturday that discussions with the United States on the proposed bilateral trade agreement are progressing swiftly. Addressing the media, Goyal highlighted the rapid advancement in negotiations with Washington, as reported by news agency PTI.

Upcoming US Team Visit

A team from the US is scheduled to visit India in August for the next round of negotiations, following the conclusion of the fifth round of talks in Washington last week. Both nations aim to finalize the first tranche of the agreement by fall, targeting September or October.

Ambitious Trade Goals

The bilateral trade between India and the US currently stands at $191 billion, with an ambitious goal to increase it to $500 billion. Goyal also mentioned that negotiations for a free trade agreement with Oman are nearing completion.

Focus Areas and Challenges

The trade discussions are expected to address remaining differences, particularly in sectors like agriculture and dairy, where India has maintained a cautious stance. Goyal emphasized the importance of a balanced approach and flexibility in negotiations.