India and the US are in continuous dialogue on the proposed bilateral trade agreement, and all possibilities are there to meet the November deadline for concluding the talks, Commerce and Industry Minister Piyush Goyal said on Tuesday.
On the possibility of the next round of trade negotiations in a physical mode, he said that every possibility exists, but with the US government currently in shutdown mode, it remains to be seen how, where, and when the next round of talks can take place.
"Aap sub jante hain ki USA me aaj-kal government shut down mode me hai, toh uske maddenazar dekhna padega ki kaise baat-cheet ho sakti hai, kahan ho sakti hai, aur kab ho sakti hai (As you all know, the US government is currently in shutdown mode. So, keeping that in mind, we'll have to see how, where, and when the discussions can take place)," he told reporters here.
The US government has stopped working since midnight on October 1 as Congress failed to pass a funding bill. Theoretically, this means many government workers will not be paid for now, and services centres are closed. However, important operations, such as in the field of defence and social work, will continue to function.
Goyal is here for a one-day official visit. He is leading a business delegation and discussing ways to boost trade and investment ties between the two countries.
"We are in constant dialogue with the USA (on the trade pact), and talks are on at various levels. We will give more information on this soon on how we are thinking to take it forward," he said.
When asked if the two sides are sticking to the November deadline to conclude the negotiations, he said: "There is every possibility".
Last month, the minister led an official delegation to New York for trade talks. After that meeting, India and the US decided to continue negotiations for an early conclusion of a mutually beneficial bilateral trade agreement.
Both sides held constructive meetings on various aspects of the trade deal.
During the visit, the minister held meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.
Those deliberations were important as they took place after the US imposed a 25 per cent reciprocal tariff and an additional 25 per cent penalty on Indian goods entering the American market for purchasing Russian crude oil.
At present, a total of 50 per cent additional import duty is imposed on Indian goods.
In February this year, 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 (October-November) of 2025. So far, five rounds of negotiations have been held. The pact aims to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.
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). The US 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.
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