India-US trade agreement possible by March:CEA Nageswaran says, ‘Most differences between both countries are now resolved’

India’s Chief Economic Advisor (CEA), V Anantha Nageswaran said on Thursday that India and the US have resolved most of their trade differences. A trade agreement between the two countries could happen by March 2026. In a conversation with Bloomberg TV, Nageswaran described FY27 growth prospects as strong and said that the rupee’s undervaluation was due to fundamentals. Nageswaran’s statement came at such a time when both countries are trying to reduce trade barriers. Earlier on Wednesday, Commerce Minister Piyush Goyal said that the US delegation is in Delhi for negotiations. Talks are continuously progressing. We are moving towards a bilateral trade agreement. India has given its best offers so far Meanwhile, the US Trade Representative (USTR) Jamieson Greer had said the other day that America had received the best proposals from India so far. Negotiations were underway to give American farmers greater access to Indian markets. Discussions were particularly focused on opening up the domestic market for crops like sorghum and soybeans. Greer had said that the US negotiating team was in New Delhi to discuss agricultural-related issues. India was cautious about some crops, but this time, India had shown interest in opening its market. India-US discussing other issues besides agriculture Greer said that besides agriculture, talks are ongoing between the two countries on several other issues. Under the 1979 Aircraft Agreement, the discussion on implementing zero tariffs on aircraft parts has progressed significantly. This means that if India allows American goods into its market with lower taxes, America will reciprocate with the same concessions for India. Senate Committee Chairman Jerry Moran said during this time that India could also become a major buyer of ethanol made from American corn and soybeans. Greer did not provide much information about this, but he said that many countries including the European Union have opened their markets for American ethanol and energy products and have promised purchases worth about 750 billion dollars in the coming year. US Trade Team is on India Visit This statement from the American Trade Team comes at a time when a high-level US trade team is visiting India. This visit is being considered very important. The team is being led by US Deputy Trade Representative Rick Switzer. Now the purpose of this visit is for both countries to try to finalise the first stage of a new bilateral trade deal. That is, to take steps towards completing the deal that has been under discussion between India and America for a long time. In recent months, the trade relationship between India and America has been quite strained. America has imposed a 25% tariff due to India’s high tariffs and trade deficit. This caused problems in exports and imports for both countries. America feels that trade between the two countries is unbalanced. India sells more things to America and America cannot sell as many things to India. This tariff has also been imposed to reduce this gap. Goal to increase trade to $500 billion by 2030 India and America aim to increase bilateral trade from the current 191 billion dollars to 500 billion dollars by 2030. According to Ministry of Commerce data, India’s exports to America increased by 21.64% to $33.53 billion in April-July 2025, while imports grew by 12.33% to $17.41 billion. America remained India’s largest trading partner during this period, with trade worth $12.56 billion. India’s exports to America have continuously increased since April. ​