Indian officials are confident that the country is on track to become the first nation to finalise a bilateral trade agreement with the United States under Washington’s new trade framework. During negotiations, US treasury secretary Scott Bessent said that India’s low tariffs, limited non-tariff barriers, and transparent regulatory systems position it ahead of other countries in concluding the deal.
The development comes ahead of the expiry of a 90-day suspension on proposed 26% reciprocal tariffs on Indian exports, set for July 8 2025, the Gem and Jewellery Export Promotion Council reported on its website. The agreement is expected to cover 19 chapters, including tariffs, digital trade, customs procedures, and regulatory standards, The Economic Times reported.
Negotiations began in Washington, US on April 23, led by chief negotiator Rajesh Agarwal, additional secretary at the Ministry of Commerce and Industry. Finance minister Nirmala Sitharaman, during a recent US visit, had reiterated India’s aim to conclude the first phase of the deal by autumn.
The US is seeking broader access in sectors such as energy and defence, while India is pushing for greater entry for its exports, particularly textiles, leather, and gems and jewellery. With bilateral trade reaching $129 billion in 2024, both nations are targeting an increase to $500 billion by 2030. Negotiations are still underway.
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