Washington,Ā June 3: The trade deal between New Delhi and Washington could be finalised soon, according to US Commerce Secretary Howard Lutnick, who said that India and the United States have “found a place that really works for both countries.” The remarks came ahead of the final round of India-US face-to-face negotiations, which are expected to take place in New Delhi this week.“You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries,” Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) here on Sunday.
“When they put the right person in India, put the right person on the other side of the table, and we’ve managed (that), I think,” he added.
Lutnick also said India may get more favourable terms from being one of the first pacts agreed.
“Earlier countries get a better deal, that’s the way it is. So those who come in July 4th to July 9th, there’s just going to be a pile,” Lutnick said, adding that India is trying to come in earlier than that.
Meanwhile, India also said it is working actively to finalise the proposed bilateral agreement aimed at significantly expanding trade and offering preferential market access to each other’s businesses. Speaking to the media in France on Monday, Commerce and Industry Minister Piyush Goyal said, “Both countries are committed to work together, and both desire to give preferential access to each other’s businesses. We are working towards the bilateral trade agreement.”
The India-US trade agreement was announced in February by Prime Minister Narendra Modi and US President Donald Trump. The proposed pact is envisioned as a multi-sector deal with the first phase expected to be finalised by September-October 2025. Its goal is to more than double the bilateral trade volume from the current USD 191 billion to USD 500 billion by 2030.
A delegation from Washington is currently in New Delhi to advance discussions on an interim agreement, expected to be finalised by the end of June. New Delhi is pushing for a complete exemption from the 26 per cent reciprocal tariff imposed by US President Donald Trump on Indian goods exported to US.