India-US bilateral trade deal by fall of 2025, Goyal says

India and the US may offer trade concessions and duty reductions as part of a bilateral trade agreement that is already in the works, commerce and industry minister Piyush Goyal said on Tuesday.

The first phase of a “mutually beneficial” and multi-sector bilateral trade agreement may be signed by the fall (September-October) of 2025 as part of Prime Minister Narendra Modi’s commitment to double bilateral trade to $500 billion by the end of the decade, Goyal said.

Details of this bilateral trade agreement will be confirmed once his US counterpart assumes charge, Goyal said.

Indian and US economies complement each other, Goyal said, adding that his ministry has already begun exploring different ideas and engaging with concerned stakeholders within and outside the government to prepare for discussions.

Bilateral trade agreements will open opportunities for the domestic industry to expand trade with the US, Goyal said.

“We look at this opportunity as a way to make India more competitive, come out with quality products, look at mutual concession and attractive trading conditions which will support growth both in America and in India,” Goyal said at an event.

Regarding reciprocal tariffs, Goyal said tariffs protect the domestic industry from imports from non-market economies.

Meanwhile, the US Senate on Tuesday confirmed Howard Lutnick as commerce secretary.

Lutnick, who will play a key role in carrying out Trump’s trade agenda, is an American businessman and the former chairman and CEO of Cantor Fitzgerald and BGC Group.

Cantor Fitzgerald is an American financial services firm founded in 1945, while BGC group, which was initially part of the larger Cantor Fitzgerald, is an American global financial services firm based in New York City and London.