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India and the US are close to finalising the first phase of their bilateral trade agreement, aiming to resolve Trump-era 50% tariffs, reciprocal duties, and market access issues while setting the stage to expand trade toward USD 500 billion by 2030.

First phase of India-US trade deal nearing closure; to address tariff issues: Official

India and the US are close to finalising the first phase of their bilateral trade agreement, aiming to resolve Trump-era 50% tariffs, reciprocal duties, and market access issues while setting the stage to expand trade toward USD 500 billion by 2030.

The first phase of the proposed India-US bilateral trade agreement (BTA) is 'nearing closure' and would address the hefty 50 per cent tariffs imposed by the Trump administration on Indian goods, in addition to resolving America's market access issues, a government official said on Monday.
The US has imposed a 25 per cent reciprocal tariff and another 25 per cent on Indian goods entering American markets for buying Russian crude oil.
"We are engaged with the US on the BTA. It has two parts. One part of the negotiations will take time. The other part is a package which can address reciprocal tariffs. We are working on both aspects. The package that can address reciprocal tariffs is more or less near closure, and we should get it soon," the official said.
The official added that the deal is expected to address the issue of a 25 per cent penalty on India; otherwise, the agreement would have no meaning.
The official added that the BTA has multiple packages or tranches, and this will be the first tranche to address the tariffs.
The deal will be announced on a mutually agreed date.
On the issue of India's state-run oil companies signing a one-year deal to import cooking gas LPG from the US in 2026, the official said, "It was something in the works for a long time. This is in the overall context of keeping the trade with the US. It is not part of any negotiations package per se, but definitely as part of our endeavour to balance trade with the US."
The move is seen as an attempt to narrow India's trade surplus with the US -- a sticking point for President Donald Trump, who has slapped a 50 per cent tariff on Indian goods entering America.
India and the US are negotiating a bilateral trade agreement. So far, six rounds of talks have been completed. Both sides have announced plans to finalise the first tranche of the deal by the fall of 2025.
A team of Indian officials, headed by Commerce Secretary Rajesh Agrawal, was in Washington last month to hold trade talks with their US counterparts. The three-day talks ended on October 17.
Negotiations for the pact are important, as relations between the two countries have been under severe strain since the US President Donald Trump administration imposed a steep 50 per cent tariff on Indian goods. It includes a 25 per cent additional import duty for buying Russian crude oil.
The proposed pact aims to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.
The US is seeking greater market access for its products such as almonds, pistachios, apples, ethanol and genetically modified commodities.
The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports). It accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.
India's merchandise exports to the US declined 11.93 per cent to USD 5.46 billion in September due to the high tariffs imposed by Washington, while imports increased 11.78 per cent to USD 3.98 billion during the month, according to commerce ministry data.
Trump has recently stated that the US is "pretty close" to reaching a "fair trade deal" with India, adding that he will lower tariffs imposed on Indian goods at "some point".
When asked for comments on a bill in the US that would allow Trump to impose tariffs of up to 500 per cent on imports from countries that have trade ties with Russia, the secretary said that all over the world, countries trade with other nations based on their bilateral relationship and economic requirements.
"We have not got into the depth of it. But at the same time, let me tell you (that) as a country, each country all over the world trades with other countries based on their bilateral relationship, based on their economic requirement, and those trade carries on.
"I think our trade decisions will remain guided by that," he added.

CEA V Anantha Nageswaran said India and the US may resolve the 50% tariff issue within 8–10 weeks, amid ongoing talks.

India-US Tariff Dispute Resolution Possible in 8-10 Weeks

Resolution to India-US Tariff Likely Soon

CEA V Anantha Nageswaran said India and the US may resolve the 50% tariff issue within 8&ndash;10 weeks, amid ongoing talks.

Chief Economic Advisor V Anantha Nageswaran on Thursday said he expects that a solution to the tariff issues with the US is likely to be arrived in the next eight to ten weeks.
The additional 25 per cent tariff imposed by the US on Indian products for the country's purchases of Russian oil came into effect in August, bringing the total amount of levy on New Delhi to 50 per cent.
Speaking at an interactive session organised by Bharat Chamber of Commerce here, he said, "Underneath the surface, conversations are going on between the two governments. My hunch is that in the next eight to ten weeks, we will likely see a solution to the penal tariff imposed by the US on Indian goods."&nbsp;
India's exports to the US stood at USD 85 billion.

Chief negotiators from India and the US have begun talks on the proposed Bilateral Trade Agreement after steep US tariffs of up to 50 per cent on Indian goods created uncertainties for exporters.

India, US begin talks on trade agreement amid tariff dispute

Chief negotiators from India and the US have begun talks on the proposed Bilateral Trade Agreement after steep US tariffs of up to 50 per cent on Indian goods created uncertainties for exporters.

Chief negotiators of India and the US have commenced talks on the proposed trade agreement to iron out issues in the wake of steep tariffs that have created uncertainties for exporters, an official said on Tuesday.
Brendan Lynch, the Assistant US Trade Representative for South and Central Asia, is leading the American team, while Rajesh Agrawal, Special Secretary in the Department of Commerce, is India's chief negotiator.
Lynch arrived in India late Monday for a day-long talk with his Indian counterpart.
This is the first visit by a high-ranking US trade official after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market for buying Russian crude oil.
"The trade talks have started," the official said.
India has described the steep 50 per cent tariff as unfair and unreasonable.
In February, the leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement ( BTA). It was planned to conclude the first tranche of the pact by the fall of 2025. So far, five rounds of negotiations have been held, and the talks for the sixth round, which were scheduled from August 25-29, were postponed following the imposition of the high import duties.
A senior commerce ministry official had said the meeting between Lynch and Indian officials should not be viewed as the 6th round of negotiations, but a precursor to it.
The official also said India and the US have been engaged in discussions through virtual mode on a weekly basis.
The meeting is taking place within days, Prime Minister Narendra Modi warmly reacting to US President Donald Trump's positive assessment of trade ties between the two countries.
Defending its purchase of Russian crude oil, India has been maintaining that its energy procurement is driven by national interest and market dynamics.
The government has repeatedly emphasised that it will protect the interests of its farmers, dairy producers, and MSMEs in all trade deals.

Trump calls Modi a “very good friend” as India-US trade talks continue; both leaders optimistic despite past tariff tensions.

Trump & Modi Boost US-India Trade Ties with Optimism

Trump & Modi Foster US-India Trade Talks

Trump calls Modi a &ldquo;very good friend&rdquo; as India-US trade talks continue; both leaders optimistic despite past tariff tensions.

Signalling a thaw in the bilateral chill between India and the US, President Donald Trump has said he feels &ldquo;certain&rdquo; that there will be "no difficulty" for the two countries to come to a &ldquo;successful conclusion&rdquo; in trade talks and he looks forward to speaking with his "very good friend&rdquo; Prime Minister Narendra Modi in the coming weeks.
In a post on Truth Social on Tuesday, the US president said he was "pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations."
<iframe class="truthsocial-embed" style="max-width: 100%; border: 0;" src="https://truthsocial.com/@realDonaldTrump/115176472700835865/embed" width="600" allowfullscreen="allowfullscreen"></iframe>
&nbsp;
"I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!&rdquo; he said.
Responding to the post, Prime Minister Modi in a post on X on Wednesday expressed confidence that the ongoing negotiations will pave the way for unlocking the limitless potential of the partnership between them.
India and the US are close friends and natural partners, Modi said, adding that both countries are working to conclude the trade discussions at the earliest.
&nbsp;
<blockquote class="twitter-tweet">
India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward&hellip; <a href="https://t.co/3K9hlJxWcl">pic.twitter.com/3K9hlJxWcl</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1965597878237139351?ref_src=twsrc%5Etfw">September 10, 2025</a></blockquote>
&nbsp;
&nbsp;
He said, "I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people." Trump shared the Prime Minister's post on his social media platform.
Trump&rsquo;s latest comments signal a significant thaw in bilateral relations as ties between the two countries reeled under possibly the worst phase in over two decades amid tensions over tariffs and Delhi&rsquo;s purchases of Russian oil.
Trump has doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duty for India's purchase of Russian crude oil.
India described the US action as "unfair, unjustified and unreasonable".
After months of critical rhetoric against India, Trump had last week said that India and the US have a &ldquo;special relationship&rdquo; and there's nothing to worry about as the two countries "just have moments on occasion&rdquo;.
"I always will. I'll always be friends with Modi, he&rsquo;s a great Prime Minister. He's great. I'll always be friends, but I just don't like what he's doing at this particular moment," Trump had said in the Oval Office on Friday.
"But India and the United States have a special relationship. There's nothing to worry about. We just have moments on occasion," Trump said, with a smile.
Responding to the comments, Modi on Saturday said that he deeply appreciates Trump's positive assessment of India-US relations.
&ldquo;Deeply appreciate and fully reciprocate President Trump's sentiments and positive assessment of our ties," Modi said.
"India and the US have a very positive and forward-looking Comprehensive and Global Strategic Partnership," he said.
Trump had also said that he is &ldquo;very disappointed" that India would be buying so much oil from Russia.
&ldquo;...I've been very disappointed that India would be buying so much oil&hellip; from Russia, and I let them know that. We put a very big tariff on India, 50 per cent tariff, very high tariff. I get along very well with Modi, he's great. He was here a couple of months ago,&rdquo; he said in response to a question on his social media post that the US has lost India and Russia to China.
Defending its purchase of Russian crude oil, India has been maintaining that its energy procurement is driven by national interest and market dynamics.
India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February 2022.
In the Truth Social post, Trump had said that &ldquo;Looks like we&rsquo;ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!&rdquo; Trump had also posted an old photo of Prime Minister Modi with Russian President Vladimir Putin and Chinese leader Xi Jinping.
The post came days after the bonhomie among Modi, Xi and Putin at a summit of the Shanghai Cooperation Organisation (SCO) in the Chinese city of Tianjin drew global attention.&nbsp;

US President Donald Trump has ruled out trade negotiations with India until tariff issues are resolved, escalating tensions with additional duties on Russian oil purchases.

Donald Trump rules out trade talks with India amid tariffs row

US President Donald Trump has ruled out trade negotiations with India until tariff issues are resolved, escalating tensions with additional duties on Russian oil purchases.

US President Donald Trump has ruled out the possibility of trade negotiations with India, until the issue of tariffs is resolved.
&ldquo;No, not until we get it resolved,&rdquo; Trump said in the Oval Office in response to a question on whether he expects increased trade negotiations with India since he has announced 50 per cent tariffs on the country.
Last week, Trump had announced 25 per cent reciprocal tariffs on India that came into effect from August 7.
The US president also signed an executive order slapping an additional 25 per cent levy on India for New Delhi&rsquo;s purchases of Russian oil, bringing the total duties to 50 per cent, among the highest imposed by the US on any country in the world.
The additional 25 per cent duty will come into effect after 21 days or August 27.
Responding to the tariffs, the Ministry of External Affairs has said that the targeting of India is "unjustified and unreasonable".
&ldquo;Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,&rdquo; it said.
On the current situation between India and the US, prominent Indian-American attorney Ravi Batra said &ldquo;much more is at stake&rdquo; amid Trump&rsquo;s tariffs.
He described as &ldquo;unfortunate&rdquo; that Russian President Vladimir Putin did not accept a ceasefire with Ukraine as wanted by Trump.
"Hurting India is to hurt Russia,&rdquo; Batra said in a post on X. &ldquo;But it hurts us too, much more,&rdquo; he said adding that America needs the Russian president to enter into a &ldquo;genuine&rdquo; ceasefire with Ukraine, &ldquo;free-of-deception by any, and then get President Xi (Jinping of China) and Prime Minister (Narendra) Modi to be American allies too, along with Putin.&rdquo; &ldquo;It&rsquo;s time for a mature reset, or we risk a domino effect that hurts all and unravels multilateralism and gives us unbridled chaos that even creative Wall Street and Federal Reserve can&rsquo;t handle,&rdquo; he said.

US President Donald Trump confirms the trade deal with India is not finalised and reiterates concerns over India’s high tariffs.

Trump says US-India trade deal not final, warns of 25% tariffs

US President Donald Trump confirms the trade deal with India is not finalised and reiterates concerns over India&rsquo;s high tariffs.

US President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.
Trump spoke to reporters on Tuesday on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.
&ldquo;No, it&rsquo;s not,&rdquo; Trump said when asked if the deal with India is finalised.
He was also asked about reports that India is preparing to face higher US tariffs between 20-25 per cent, to which he replied, &ldquo;Ya, I think so.&rdquo; &ldquo;India has been&hellip;they're my friends, and he's my friend,&rdquo; Trump said, referring to Prime Minister Narendra Modi.
&ldquo;And you know, they ended the war with Pakistan at my request, and that was great. And Pakistan did also&hellip;.we did a lot of, a lot of great settlements, including the recent one, as you know, with Cambodia,&rdquo; Trump said, again repeating the claim that he stopped the conflict between India and Pakistan through trade. &nbsp;
On what he is expecting from the deal with India, he said, &ldquo;We are going to see. But India has been a good friend. But India has charged basically more tariffs than almost any other country&hellip;. over the years. But now I'm in charge, and you just can't do that." "I think the trade deals are working out very well, hopefully for everybody but for the United States, they're very, very good.&rdquo;
A US team will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said in New Delhi on Tuesday.
Though the team is coming at the end of next month, both sides remain engaged to iron out differences for an interim trade deal before August 1, which marks the end of the suspension period of tariffs imposed by US President Donald Trump on dozens of countries, including India (26 per cent).
India and the US teams concluded the fifth round of talks for the agreement last week in Washington.
On April 2 this year, Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries.

The United States and India are close to finalising a major bilateral trade agreement, with leaders and officials from both sides expressing optimism despite ongoing differences over agriculture and market access.

US-India trade deal nears final stage

The United States and India are close to finalising a major bilateral trade agreement, with leaders and officials from both sides expressing optimism despite ongoing differences over agriculture and market access.

White House Press Secretary Karoline Leavitt has confirmed that the United States and India are close to concluding a trade agreement.
Her remarks follow President Donald Trump's earlier statement expressing optimism about a potential deal between the two countries.
Responding to a question from ANI during a press briefing on Monday (US local time), Leavitt said, &ldquo;Yes, the President said that last week (that the US and India are very close to a trade deal), and it remains true. I just spoke to our Secretary of Commerce about it. He was in the Oval Office with the President. They are finalising these agreements, and you'll hear from the President and his trade team very soon when it comes to India.&rdquo;
President Trump, while addressing a query on reciprocal tariffs, reiterated the US&rsquo;s objective of securing greater access to Indian markets. &ldquo;India, I think we are going to reach a deal where we have the right to go and do trade. Right now, it's restricted. You can't walk in there, you can't even think about it. We are looking to get a full trade barrier dropping, which is unthinkable and I am not sure that that is going to happen. But as of this moment, we agree that going to India and trade...&rdquo; he said.
At a public event last week, Trump had remarked, &ldquo;Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'Do you really have anybody of any interest?' Well, we just signed with China yesterday. We have one coming up, maybe with India. A very big one, where we're going to open up India.&rdquo;
US Secretary of Commerce Howard Lutnick also shared a positive outlook on the progress of the trade talks. Speaking at the US-India Strategic Partnership Forum earlier in June, Lutnick stated, &ldquo;I think we are in a very, very good place, and 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.&rdquo; When asked about his confidence in the negotiations, he added that he was &ldquo;very optimistic.&rdquo;
On the Indian side, Union Commerce and Industry Minister Piyush Goyal, in a press conference on June 10, confirmed ongoing efforts toward a balanced trade agreement. &ldquo;PM Narendra Modi and US President Trump met in February 2025... Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides, and the people of both countries. We are negotiating to make a nice, fair, equitable, and balanced agreement to promote business,&rdquo; Goyal said.
He also emphasised the strong bilateral relationship, describing India and the US as &ldquo;very close friends, allies and strategic partners.&rdquo;
With the July 9 deadline approaching, both sides are working to conclude the Bilateral Trade Agreement (BTA) during a 90-day pause on tariff escalations. Government sources have maintained that India&rsquo;s national interests will not be compromised, even as talks continue to progress toward an interim deal.
However, negotiations have faced some hurdles. The US is pushing for lower import duties on its agricultural and dairy exports and for access to India&rsquo;s market for genetically modified crops. India, on the other hand, has shown reluctance, citing concerns related to food security, environmental protection, and safeguarding its domestic agricultural sector.

President Trump signals progress on a significant trade agreement with India as both nations push to finalise a deal before the July 9 deadline, covering key sectors like dairy, automobiles, and textiles.

Trump says 'very big' trade deal coming up with India

President Trump signals progress on a significant trade agreement with India as both nations push to finalise a deal before the July 9 deadline, covering key sectors like dairy, automobiles, and textiles.

US President Donald Trump said America is going to have a &ldquo;very big&rdquo; trade deal with India, hinting at significant progress in the negotiation process of a long-awaited bilateral trade agreement between the two countries.
"We're having some great deals. We have one coming up, maybe with India, a very big one, where we're going to open up India,&rdquo; Trump said during an event at the White House promoting passage of the GOP's tax and spending cuts legislation on Thursday.
&ldquo;In the China deal, we're starting to open up China. Things that never really could have happened, and the relationship with every country has been very good,&rdquo; Trump said.
The president, however, did not elaborate on the details of the deal signed with China.
He said that every country wanted to make a deal and have a part of it, and his administration officials were working overtime, making deals with countries.
&ldquo;You remember a few months ago, the press was saying, &lsquo;Do you really have anybody of any interest?&rsquo; Well, we just signed with China yesterday, right? We just signed with China. We have everybody. We're not going to make deals with everybody. Some we're just going to send them a letter and say thank you very much. You're going to pay 25 per cent, 35 per cent, 45 per cent. That's the easy way to do it, and my people don't want to do it that way. They want to do some of it, but they want to make more deals than I would do,&rdquo; he said.
Trump's remarks come as an Indian team headed by chief negotiator Rajesh Agarwal on Thursday arrived in Washington for the next round of trade talks with the US.
Agrawal is the special secretary in the Department of Commerce.
India and the US are engaged in negotiations for an interim trade deal and are trying to finalise a pact before July 9.
The high tariffs announced by the US on April 2 were suspended by the Trump administration till July 9.
Agriculture and dairy sectors are difficult and challenging areas for India to give duty concessions to the US. India has not opened up dairy in any of its free trade pacts signed so far.
The US wants duty concessions on certain industrial goods, automobiles - especially electric vehicles, wines, petrochemical products, dairy, and agricultural items like apples, tree nuts, and genetically modified crops.
India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact.
Earlier this month, US Secretary of Commerce Howard Lutnick said that one should expect a trade deal between India and the US in the "not too distant future", underlining that he is &ldquo;very optimistic&rdquo; about it.
&ldquo;So the idea is when they put the right person and India put the right person on the other side of the table, and we've managed, I think, to be in a very, very good place. And 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,&rdquo; Lutnick said in his keynote address at the US-India Strategic Partnership Forum (USISPF) Leadership Summit.
The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. The pact is aimed at more than doubling bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.&nbsp;

Secretary of Commerce Howard Lutnick expressed optimism about a near-future trade deal between India and the US, citing strong leadership, improved relations, and ongoing tariff negotiations.

India-US trade pact expected in not-too-distant future: US Commerce Secretary

Secretary of Commerce Howard Lutnick expressed optimism about a near-future trade deal between India and the US, citing strong leadership, improved relations, and ongoing tariff negotiations.

Secretary of Commerce Howard Lutnick has said one should expect a trade deal between India and the US in the "not-too-distant future" as the two countries have found a place that works for them.
&ldquo;So the idea is when they put the right person and India put the right person on the other side of the table, and we've managed, I think, to be in a very, very good place," Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit here Monday.
"And 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,&rdquo; &ldquo;I would say very optimistic,&rdquo; Lutnick said about the trade deal between India and the US.
Noting the high tariffs that India has, Lutnick said that President Donald Trump is willing to call that out straight away.
&ldquo;Now the President is willing to call out things straight away, meaning India is very protectionist with tariffs. They have a 100 per cent tariff on this, and a 100% tariff on that. And if you ask them why, the answer is, &lsquo;I don't know why. It just is&rsquo;.&rdquo; Lutnick said the idea of really looking at those things, thinking about them and bringing them down to a level that is reasonable and appropriate &ldquo;so we can be great trading partners with each other, I think is absolutely on the table and it's not stressful&rdquo; and the sides are now working to &ldquo;make this a proper trading relationship.&rdquo;&nbsp;
On the trade deal with India, he further said that &ldquo;earlier countries get a better deal. That's the way it is.&rdquo; He noted that India is trying hard to be one of the earlier countries, &ldquo;which I appreciate. But these kind of deals used to take two or three years, and we're trying to get them done in a month, which is, just not the ordinary DNA of trading relationships between countries. &nbsp;&ldquo;But what I hope to achieve is we would like market access. We would like our businesses to have reasonable access to the markets of India. Now, it's not going to be everything, and it's not going to be everywhere, but we want to have the trade deficit reduced,&rdquo; he said.
In exchange for that, Lutnick said India is going to want certain key markets, to want to make sure that they have special access to the American marketplace.
&ldquo;And so that's the trade-off. If I say, &lsquo;Look, I'll treat you incredibly kindly on the things that are really important to you, and you bring down your tariffs and give us market access and let's find the proper place in the middle&rsquo;.&rdquo; Underlining the importance of having the right person on the other side for negotiations, Lutnick said that "if they put a normal trade minister, it's an endless set of talking and no outcome because they're used to saying, &lsquo;this kind of deal would take three years, we'll get this done in two years&rsquo;, and that's not really fun for me.&rdquo; &nbsp;On what he sees as the vision of the India-US relationship, Lutnick said that it is &ldquo;unusual&rdquo; that President Donald Trump is the only person in the administration elected by the full United States of America and Prime Minister Narendra Modi is elected by the people in India.
&ldquo;If you think about the world, how many other leaders actually are elected by their country,&rdquo; he said, adding that it is &ldquo;very, very rare. &nbsp;&ldquo;So that connection is pretty unique because it's rare&hellip; And so their relationship is very strong and very positive. And so that gives an easy path to me to do trade negotiations, because we start from a very positive place." &nbsp;Lutnick, however, said there were certain things India did, like buying military gear from Russia that &ldquo;rubbed the United States the wrong way&rdquo; but the Indian government is addressing such issues &ldquo;specifically and directly.&rdquo; &ldquo;The Indian economy is extraordinary, your human capital capacity is amazing, your growth rate is amazing. But, you know, there were certain things that the Indian government did that generally rubbed the United States the wrong way,&rdquo; Lutnick said.
&ldquo;For instance, you generally buy your military gear from Russia. That's a way to kind of get&hellip;under the skin of America, if you go to buy your armaments from Russia. So I think India is starting to move towards buying the military equipment from the United States, which then goes a long way,&rdquo; he said.
Lutnick also cited the example of India being a part of the BRICS grouping (Brazil, Russia, India, China and South Africa).
&ldquo;&hellip;being a part of BRICS, which is, &lsquo;oh, let's move to not support the dollar and dollar hegemony&rsquo;. That's not really the way to make friends and influence people in America," he said on BRICS seeking to create its own currency.
India has reaffirmed its engagement with BRICS while making it clear that it is not part of any initiative to undermine the US dollar.
&ldquo;So, you know, the President calls that out directly and specifically and the Indian government is addressing it specifically and directly and that's how you move on to a really positive place - put it on the table, address it straight on, resolve it straight on, and get to a really good place. And I think that's where we are,&rdquo; Lutnick said.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy & commodity prices and supply chains hit. 
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed. A meeting with the IMF Managing Director; followed by bilateral meetings with Indonesia, South Korea, Sri Lanka; a meeting with World Bank president David Malpass; meetings with US CEOs from the semiconductor, energy and other priority sectors; an address at the Atlantic Council; and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India’s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.  In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties. According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia. 
The partnership between the world’s two largest democracies and free-market societies has shown impressive gains. The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20. India's exports to the US stood at $51.62 bn in 2020-21, while India's imports from the US were about $28.9 bn in 2020-21.
China’s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss “the full range” of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption. Finance Minister Nirmala Sitharaman has called it ‘a fantastic thought’ which will further bolster India-US ties.
“It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China’s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership. 
Washington & New Delhi are now looking to take bold strides, to show that democracies can deliver.  $500bn in bilateral trade between the two countries, seems like an achievable target. This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Trade ties on agenda, Nirmala Sitharaman's US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, despite divergence on Russia.


Finance Minister Nirmala Sitharaman's&nbsp;US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, amid the ongoing Russia-Ukraine crisis.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy &amp; commodity prices and supply chains hit.&nbsp;
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed.&nbsp;A meeting with the IMF Managing Director;&nbsp;followed by bilateral meetings with Indonesia, South Korea, Sri Lanka;&nbsp;a meeting with World Bank president David Malpass;&nbsp;meetings with US CEOs from the semiconductor, energy and other priority sectors;&nbsp;an address at the Atlantic Council;&nbsp;and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India&rsquo;s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.&nbsp; In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties.&nbsp;According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia.&nbsp;
The partnership between the world&rsquo;s two largest democracies and free-market societies has shown impressive gains.&nbsp;The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20.&nbsp;India's exports to the US stood at $51.62 bn in 2020-21, while&nbsp;India's imports from the US were about $28.9 bn in 2020-21.
China&rsquo;s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss &ldquo;the full range&rdquo; of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption.&nbsp;Finance Minister Nirmala Sitharaman has called it &lsquo;a fantastic thought&rsquo; which will further bolster India-US ties.
&ldquo;It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China&rsquo;s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership.&nbsp;
Washington &amp; New Delhi are now looking to take bold strides, to show that democracies can deliver.&nbsp;&nbsp;$500bn in bilateral trade between the two countries, seems like an achievable target.&nbsp;This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

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