India, U.S. holding continuous discussions for bilateral trade agreement: Goyal

Key Points

1. India and the U.S. are in continuous discussions for a proposed bilateral trade agreement as of November 5, 2025.
2. Five rounds of talks have been completed for the first phase of the bilateral trade agreement.
3. In February 2025, India and the U.S. set a deadline to conclude the first tranche of the pact by the fall of 2025.
4. The proposed pact aims to more than double the bilateral trade to $500 billion by 2030 from the current $191 billion.
5. The U.S. remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at $131.84 billion.
6. India's merchandise exports to the U.S. declined by 11.93% in September due to high tariffs, while imports increased by 11.78%.