Overview

• US President Donald Trump and Treasury Secretary Scott Bessent signal optimism about concluding a bilateral trade deal with India soon, with talks described as 'coming along great.'
• Indian negotiators, led by Rajesh Agrawal, are focusing on 'early mutual wins' and a phased roadmap for tariff reductions across 19 product categories.
• India has proposed significant tariff cuts on US frozen meat, agricultural products, and other goods, while seeking favorable treatment for labor-intensive sectors and pharmaceuticals.
• The proposed agreement may include a 'forward most-favored-nation' clause, ensuring the US automatically benefits from any future favorable tariffs India offers to other countries.
• Both nations aim to double bilateral trade to $500 billion by 2030, aligning with the broader 'Mission 500' economic initiative announced earlier this year.