However, agriculture and dairy remain “no-go” areas, with India unwilling to allow imports of genetically modified soybean or corn, or to open its dairy sector.
Total bilateral goods trade reached about US$129 billion in 2024, with India posting a trade surplus of nearly US$46 billion.
India is holding back on fresh offers while calibrating its strategy amid broader US tariff threats targeting BRICS nations, including India, over issues such as de-dollarisation and purchases of Russian oil, said another official.
“We remain hopeful of securing a deal that gives Indian exporters preferential access compared to our peers,” the official said.
Officials spoke on condition of anonymity as they were not authorised to speak to media.
India’s commerce ministry and the US Trade Representative’s Office did not immediately respond to emailed requests for comments.
“We need more negotiations with our Indian friends to see how ambitious they want to be,” Greer said.
Analysts said, without a deal, Indian exports could face average US tariffs of around 26 per cent, higher than those faced by Vietnam, Indonesia, Japan or the European Union.
Source: CNA
