India and US Close to Trade Agreement, Says US Deputy Secretary of State
US Deputy Secretary of State Christopher Landau announced on Tuesday that India and the United States are very near to finalizing a trade deal, needing to overcome just “that last hurdle.” Speaking at the SelectUSA Investment Summit in Maryland, Landau emphasized the importance of reaching a conclusion on the deal, which has been under negotiation for months.
“We are very aware of India’s global significance. It’s crucial to finalize this trade agreement so we can address many other important issues on our agenda,” he told reporters.
Though he didn’t provide specific timelines, Landau expressed optimism, saying, “We are very, very close,” reinforcing that they should aim to finalize the agreement soon. He recently returned from a visit to India, where he observed the potential for significant economic growth in the country.
Landau acknowledged India’s rise as a major global player, highlighting its massive population and promising economic future. He remarked that for years, India’s potential was not fully realized due to previous economic policies, but now the country seems ready to achieve substantial development and lift millions out of poverty.
The framework for the bilateral trade agreement was announced on February 2, with the details being released shortly after. Recent discussions involved Indian negotiators visiting the US to advance talks on the deal.
India is seeking better access to US markets through this agreement, aiming for bilateral trade to reach $500 billion by 2030. As per the preliminary accord, the US is expected to lower tariffs on Indian goods significantly, a move that could boost trade relations between the two nations.
However, following a recent ruling by the US Supreme Court against certain tariffs imposed by former President Trump, India is in the process of adjusting the agreement to safeguard its interests under the new global tariff environment.
