Washington/New York, March 4 – The US Chamber of Commerce’s US-India Business Council (USIBC) has called for a long-overdue, comprehensive bilateral trade agreement between India and the United States, emphasizing the need for a level playing field and full market access.
The statement was issued by USIBC President Ambassador (Retd.) Atul Keshap on Monday as high-level trade discussions between India’s Commerce Minister Piyush Goyal and his US counterpart Howard Lutnick began in the US.
Call for Enhanced Trade Facilitation
Keshap expressed strong support for deeper economic collaboration, stating, “We wish both governments success in their negotiations and urge both sides to leverage the trade relationship for shared growth. Meaningful trade facilitation through a sweeping bilateral trade deal is long overdue and would be instrumental in boosting the GDPs of both America and India, binding our two mighty economies closer together.”USIBC urged both countries to demonstrate ambition in their negotiations, noting that despite strong bilateral business investments, India accounts for only 2.5% of America's trade volumes—a figure that should significantly increase.
Keshap highlighted the importance of formalizing trade and investment frameworks, advocating for measures such as a level playing field, open market access, efficient dispute resolution mechanisms, and predictable tax and regulatory policies to drive investment and job creation.
He also called for the swift removal of non-tariff barriers and bureaucratic hurdles that hinder market access. “The opportunity for both sides is a landmark bilateral agreement that can further unleash entrepreneurship and GDP growth in both countries. Now is the time for ambitious outcomes between Washington and Delhi,” he added.
Momentum from Modi-Trump Meeting
The trade negotiations follow Indian Prime Minister Narendra Modi’s official visit to the White House on February 13, where he met with US President Donald Trump. The two leaders announced the ambitious "Mission 500" plan, aiming to more than double bilateral trade to $500 billion by 2030.Following their discussions, both nations committed to negotiating the first phase of a multi-sector Bilateral Trade Agreement (BTA) by fall 2025. A joint statement emphasized their commitment to increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.
Current India-US Trade Statistics
According to US estimates, total goods trade between the two countries reached $129.2 billion in 2024.- US exports to India: $41.8 billion (up 3.4% from 2023)
- US imports from India: $87.4 billion (up 4.5% from 2023)
- US trade deficit with India: $45.7 billion (up 5.4% from 2023)
Path Ahead for Bilateral Trade Relations
With the trade talks underway, USIBC member companies—both American and Indian—are optimistic about strengthening strategic, economic, and technological partnerships. As Washington and Delhi push for an expanded trade framework, the focus remains on achieving a mutually beneficial agreement that fosters economic growth and global supply chain resilience.The outcome of these negotiations will be closely watched as both nations aim to unlock greater economic potential in the coming years.
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