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A US trade team that’s currently in India for negotiations has extended its stay, according to sources familiar with the matter, in a sign talks are progressing ahead of a July deadline.
The team, which was initially scheduled to hold talks with Indian officials on June 5-6, will now be staying until tomorrow to continue discussions, the sources said. Most of the issues may get finalised within a week, they estimated.
India and the US are working on a phased trade deal with an early agreement targeted for July, the deadline for implementation of the so-called reciprocal tariffs. At the same time, those tariffs are facing legal challenges in Washington.
“The two countries are actively engaged in focused discussions to facilitate greater market access, reduce tariff and non-tariff barriers, and enhance supply chain resilience and integration. The ongoing negotiations aim to achieve an expeditious and mutually beneficial conclusion of the initial tranche of the BTA,” said a source.
Indian Commerce Minister Piyush Goyal described his meeting with US counterpart Howard Lutnick during a visit to the US in May as “constructive.” Earlier this month, Lutnick said he’s “very optimistic” about prospects for a trade deal between the US and India “in the not-too-distant future.”
India was one of the first countries to begin negotiating a trade deal with the US, hoping to avert President Donald Trump’s reciprocal tariffs, which are scheduled to kick in on July 9.
The intensive negotiations reflect the momentum built since Prime Minister Narendra Modi and President Donald Trump’s February 13 meeting in Washington, where they launched ‘Mission 500’ to increase bilateral trade from approximately $200 billion to $500bn by 2030.
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