Big Breakthrough Ahead of April 2, India-US Move Towards $500 Billion Trade Target

New Delhi: In a big breakthrough ahead of April 2 when Trump's tariffs are expected to hit Indian business, India and United States have agreed to move towards achieving $500 Billion bilateral trade target.

To achieve this target and discuss other issues related to bilateral trade and tariffs, the two sides held a marathon 4-day meeting in New Delhi, which concluded on Saturday, March 29.

After the Delhi talks, the first round of bilateral trade agreement is expected to kick in by monsoon while the sectoral expert level engagements may commence in the coming weeks. The two sides during the 4-day meet discussed reduction in tariffs, non tariff barriers, and market access but there were no clarity on duties that the Trump administration is preparing to impose on Indian exports.

“The Sectoral expert-level engagements under the Bilateral Trade Agreement will start virtually in the coming weeks and pave the path for an early negotiating round in person,” a government statement said, after the conclusion of talks.

The 4-day marathon talks were held from March 26-29 between India's Department of Commerce and the Office of the US Trade Representative to realise the shared objective of promoting growth that ensures fairness, national security and job creation.

In the Delhi chapter, India and US broadly come to an understanding on the next steps towards a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA), with the goal to finalise its first tranche by fall 2025, the Ministry of Commerce & Industry informed.

The US delegation for trade talks in New Delhi was led by Assistant US Trade Representative for South and Central Asia, Brendan Lynch.

Prior to these trade talks, Union Minister for Commerce and Industries Piyush Goyal visited Washington from March 4-6 and held meetings with US Trade Representatives Jamieson Greer and Commerce Secretary Howard Lutnick.

Trump hints trade deal between India-US going to work out very well

Earlier on Friday, US President Donald Trump once again showered praise upon ‘good friend’ Prime Minister Narendra Modi and hinted that India-US trade deal is going to work out very well.

Responding to an Indian reporter when asked about the status of India-US tariff talks at White House, President Trump said that Prime Minister Narendra Modi is a very smart man and his great friend, adding he feels its going to work out very well between the two nations.

“Prime Minister Modi was here just recently, and we've always been very good friends. India is one of the highest tariffing nations in the world... They're very smart. He (PM Modi) is a very smart man and a great friend of mine. We had very good talks. I think it's going to work out very well between India and our country. And I want to say you have a great prime minister..." Donald Trump said.

Trump administration has so far imposed reciprocal tariffs on Canada, Mexico, China and Venezuela. The tariffs on Indian exports are expected to be announced on April 2.