Agreement aims to double bilateral trade to $500 billion by 2030
Commerce and Industry Minister Shri Piyush Goyal has expressed optimism about the recently announced bilateral trade agreement (BTA) negotiations between India and the United States, calling it a source of “confidence and relief” for businesses on both sides. The agreement, expected to be finalised by fall this year, will focus on increasing market access, reducing trade barriers, and strengthening supply chain integration.
Following Prime Minister Narendra Modi’s visit to Washington, both nations set a bold target of more than doubling bilateral trade to $500 billion by 2030. Despite ongoing discussions, U.S. President Donald Trump reiterated his stance on imposing “reciprocal” tariffs to address trade imbalances.
India, meanwhile, continues to expand its global trade network by securing new free trade agreements (FTAs) with developed nations, including Australia, the UAE, and key European markets. Goyal highlighted India’s increasing prominence in global trade, emphasising that Modi was the first leader of a major economy to be invited to the White House in the current U.S. administration.
As negotiations progress, businesses anticipate enhanced economic cooperation, fostering a more dynamic and competitive trade environment for both countries.
Source: Business Standard
