Trade talks with US 'progressing well', says India's trade minister

Trade talks with the United States are "progressing well", Indian Trade Minister Piyush Goyal said on Thursday, with days to go before President Donald Trump's proposed reciprocal tariffs are due to come into effect.

"Discussions on trade deal are progressing well and will benefit both nations," Goyal said.

Goyal said a bilateral trade pact, still in the works, will benefit both nations, and that India is in touch with stakeholders from agriculture, engineering goods, textiles and other sectors over the deal.

The trade minister added that Indian industry groups are "very excited" about a trade deal with the U.S.

The comments come as a delegation of officials, led by Assistant U.S. Trade Representative for South and Central Asia Brendan Lynch, is on a three-day visit to India for trade talks.

Goyal confirmed that trade negotiations with the U.S. are underway for a bilateral trade agreement.

'Reciprocal' tariffs

The negotiations are taking place ahead of President Trump's April 2 deadline to impose "reciprocal" tariffs on countries including India. These tariffs would match those that other nations impose on American goods.

India has recently reduced tariffs on some U.S. products, including Bourbon whiskey and motorcycles, but still enjoys a $45 billion trade surplus with the United States. India's average tariffs of around 12% remain significantly higher than the U.S. rate of 2%.