New York/Washington: A top American business advocacy group, the US Chamber of Commerce’s US-India Business Council (USIBC), has emphasized that a comprehensive bilateral trade deal between India and the US is long overdue. The group urged both nations to take decisive steps to formalize a level playing field, ensure open market access, and remove trade barriers.

The remarks were made on Monday by USIBC President Ambassador (ret.) Atul Keshap, as US Commerce Minister Piyush Goyal and his American counterpart Howard Lutnick began crucial trade talks in the United States.

"We wish both governments success in their negotiations and urge them to leverage the trade relationship for shared growth. A sweeping bilateral trade deal would be instrumental in boosting the GDPs of both America and India and bind our two mighty economies closer together," Keshap stated.

US-India Trade Talks: A Push for Ambitious Outcomes

US-India trade has grown significantly, but India still accounts for only 2.5% of total US trade volumes. USIBC believes this number should increase substantially through deeper economic collaboration.

Keshap emphasized that, despite years of strong investment ties, both countries lack a formal investment or trade framework, making a bilateral trade deal essential.

He also called for:

• A level playing field for businesses
• Full and open market access
• Swift dispute resolution mechanisms
• Predictable tax and regulatory policies to encourage investment and job creation

"Non-tariff barriers and red tape that slow market access should be dismantled with haste," he added.

“Mission 500”: Doubling Trade to $500 Billion by 2030

The trade talks come just weeks after Indian Prime Minister Narendra Modi’s official visit to Washington on February 13, where he met US President Donald Trump.

Following the meeting, the two leaders launched “Mission 500” – an ambitious goal to double bilateral trade to $500 billion by 2030.

The joint statement after the meeting emphasized:

• Expanding trade and investment for stronger economies
• Enhancing innovation and supply chain resilience
• Negotiating a multi-sector Bilateral Trade Agreement (BTA) by fall 2025

"The leaders committed to designate senior representatives to advance these negotiations," the statement read.

US-India Trade Figures (2024)

Total Goods Trade: $129.2 billion
US Exports to India: $41.8 billion (+3.4% from 2023)
US Imports from India: $87.4 billion (+4.5% from 2023)
US Trade Deficit with India: $45.7 billion (+5.4% from 2023)

These figures highlight the expanding trade relationship, but also underscore the need for a balanced and structured trade agreement to address concerns on both sides.

The Road Ahead: Strengthening US-India Trade Relations

USIBC has urged Washington and Delhi to finalize a landmark trade agreement that fosters deeper entrepreneurship, innovation, and investment. The upcoming negotiations will focus on:
Market access improvements
Reducing tariff and non-tariff barriers
Enhancing supply chain integration

Keshap concluded by applauding both governments’ efforts and expressing optimism for a productive outcome that strengthens the strategic, economic, and technological partnership between the two nations.

With global trade dynamics shifting, a robust US-India trade deal could mark a new era of economic collaboration, benefiting businesses and consumers on both sides.