Daijiworld Media Network- Washington

Washington, Jun 3: In a significant development that could redefine bilateral economic ties, US Commerce Secretary Howard Lutnick has indicated that a long-awaited trade agreement between India and the United States may soon be concluded. Speaking at the eighth edition of the US-India Strategic Partnership Forum (USISPF), Lutnick expressed optimism, saying both nations have "found a place that really works" and a deal could be expected "in the not-too-distant future."

The remarks come ahead of a crucial round of in-person negotiations scheduled to take place in New Delhi this week. Lutnick credited the progress to effective representation from both sides, hinting at a new level of understanding that has brought the two economic giants closer to finalising the pact. He also noted that countries entering trade deals earlier tend to receive more favourable terms, pointing out that India is making a concerted effort to be among the first in line.

Meanwhile, India too has expressed confidence in the agreement's progress. Speaking in France, Commerce and Industry Minister Piyush Goyal confirmed that New Delhi is actively working with Washington to seal the bilateral trade pact. Goyal emphasized that both sides are committed to granting preferential market access to each other's businesses and are united in their intention to boost trade relations.

The India-US trade deal, first announced by Prime Minister Narendra Modi and US President Donald Trump in February, is envisioned as a multi-sectoral agreement. The initial phase is expected to be finalised between September and October this year. With the ambitious target of increasing the current trade volume from USD 191 billion to USD 500 billion by 2030, the agreement is being seen as a cornerstone of the evolving strategic partnership between the two democracies.

At present, a high-level delegation from Washington is in New Delhi to iron out the finer details of an interim arrangement, which is expected to be signed by the end of June. Among India’s key demands is a full exemption from the 26 per cent reciprocal tariff imposed during the Trump administration on Indian exports to the United States.

With both capitals showing strong political will and strategic alignment, stakeholders are hopeful that the trade deal will usher in a new era of economic cooperation, opening up unprecedented opportunities for businesses on both sides.