India and US Conclude Trade Talks, Framework for Bilateral Agreement Finalized

With two days until US reciprocal tariffs take effect, no exemptions for India have been confirmed despite progress in negotiations.

India and the US have agreed on a broad framework for a Bilateral Trade Agreement (BTA), with sectoral discussions set to begin virtually in the coming weeks.
The first phase of the BTA is targeted for completion by fall 2025, aiming to enhance market access, reduce trade barriers, and integrate supply chains.
Despite India's concessions, including tariff reductions on select US products, no exemptions from the US reciprocal tariffs set to begin April 2 have been secured.
The US tariffs could reduce India's exports by up to $7.3 billion annually, with additional economic risks stemming from tariffs on Venezuelan oil imports.
The trade talks, described as cordial and collaborative, reflect both nations' commitment to achieving $500 billion in bilateral trade by 2030 under 'Mission 500.'