PTI New Delhi

India and the US are exploring opportunities for an interim trade arrangement in goods to secure an "early mutual wins" ahead of finalising the first phase of the proposed bilateral trade agreement by fall of this year.

The commerce ministry said on Tuesday that both the countries have initiated sectoral level talks and more engagements are planned from May end. To give an impetus to the talks, India's chief negotiator Rajesh Agrawal, additional secretary in the department of commerce, and Assistant US Trade Representative for South and Central Asia Brendan Lynch held a three-day talks last week in Washington.

During the meetings in Washington, the teams deliberated on wide-ranging subjects including tariff (related to goods) and non-tariff matters. "The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall (September-October) of 2025, including...opportunities for early mutual wins," the ministry said in a statement.

An official said that an interim agreement with regard to trade in goods could take place as part of early mutual wins in case both sides agree. "Initially we are focusing on goods. The non-tariff barriers being flagged by Indian side included in sectors such as marine," the official said, adding the formal first round of negotiations are expected to start after the May meetings.

Talks moving well, much easier to negotiate with India: Scott Bessent

US Treasury Secretary Scott Bessent has said that India is likely to be among the first countries to finalise a bilateral trade agreement with the US to avert reciprocal tariffs by President Donald Trump. 

The US is "very close" on a trade deal with India, Bessent said , noting that it is much easier to negotiate with Delhi because of the high tariffs and talks with the country are "moving well."  Bessent made these remarks at a press briefing in the White House.  America's Asian trading partners and allies "have been the most forthcoming in terms of doing the deals.