India, US agree on terms of reference for first phase of trade deal

New Delhi, Apr 11, 2025

The official stated that the there was a possibility of a "win-win shape and form" to the deal in the next 90 days

India and the United States have finalised ‘terms of reference’ over the first segment of a bilateral trade deal, a trade official confirmed to Reuters on Friday.

The official further stated that there was a possibility of a ‘win-win shape and form’ to the deal in the next 90 days.

Earlier today, Union Commerce and Industry Minister Piyush Goyal said talks with the US are progressing with an ‘India first’ approach, and the government is taking steps to safeguard national interests.

Meanwhile, speaking at a tech summit on Friday, External Affairs Minister S Jaishankar also mentioned that India has geared up for a “very high degree of urgency” in terms of trade pact with the US.

“This time around, we are certainly geared up for a very high degree of urgency. We see a window here and we want to seize that window. Our trade teams are really charged up. This is normally a complaint which in the past was made about us, that we are the guys slowing it down. Today, it is the other way around. We are trying to communicate that urgency on all three accounts,” Jaishankar said.

This development comes amid Donald Trump’s global threats of reciprocal tariffs. Just days after announcing the tariff rates, Trump temporarily paused their implementation for 90 days for several trade partners, including India.

Finalising the first tranche of the deal may offer some relief to Indian exporters, even if the US decides to continue with the 26 per cent reciprocal tariffs after the three-month pause, a senior government official told Business Standard.

[The Business Standard]