India, U.S. desire to give preferential market access to businesses; talks on for trade pact: Goyal

India and the U.S. working on a bilateral trade agreement to double trade to $500 billion by 2030.

India and the U.S. desire to give preferential market access to each other's businesses and teams of both the countries are working together on the proposed bilateral trade agreement, Commerce Minister Piyush Goyal has said.

In February, U.S. President Donald J. Trump and Prime Minister of India Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025. It is aimed at more than doubling the bilateral trade to $500 billion by 2030 from the current level of $191 billion.

"Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Mr. Goyal told reporters in Paris.

Mr. Goyal is here on an official visit to hold talks with French leaders and business representatives to boost trade and investments.

When asked about an announcement of Mr. Trump to double tariffs on steel and aluminium to 50%, he also said that the two countries will continue to work together to resolve all these issues bilaterally.

"Let us wait and watch ...both the U.S. and India share good relations and we will continue to work together to resolve all these issues bilaterally," he said.

Trade experts have stated that the further increase in the import duty by the Trump administration would impact Indian exporters, particularly those engaged in value-added and finished steel products and auto-components.