The proposed bilateral trade agreement (BTA) between India and the US would help enhance and expand two-way trade, technology and economic ties in a mutually beneficial manner, a senior official in the commerce ministry said on Tuesday.
The official said that India and the US are not just close strategic partners but are also complementary market economies.
"While India and the US have deep trade and economic ties, the spread and depth of these ties still have a long way to go before they can match the true potential for economic cooperation between the two countries," the official said.
India and the US are negotiating BTA with an aim to more than double the bilateral trade to USD 500 billion by 2030.
"The BTA aims to enhance and expand bilateral trade, technology and economic ties in a mutually beneficial manner so that the India-US ties can deliver greater prosperity and well-being for the people of the two countries," the official said.
Indian and US officials will hold three-day talks from April 23 in Washington for the trade pact with terms of references (ToRs) covering around 19 chapters such as tariffs, non-tariff barriers, and customs facilitation.
The Indian official team is visiting the US to give further impetus to the negotiations in the 90-day tariff pause window and discuss these ToRs to iron out differences on certain issues before formally launching talks for the bilateral trade agreement.
India's chief negotiator, Additional Secretary in the Department of Commerce Rajesh Agrawal, will lead the team for the first in-person talks between the two countries.
The three-day deliberations assume significance, as a senior government official had recently stated that an interim trade agreement between the two countries could be finalised in the 90-day tariff pause announced by President Donald Trump administration if it is a "win-win" for both sides.
Meanwhile, Commerce Secretary Sunil Barthwal is in Croatia to boost trade ties.
