India and the United States have agreed on the terms of reference for a future bilateral trade agreement. This progress follows a nearly two-hour meeting between Prime Minister Narendra Modi and US Vice President JD Vance in New Delhi. The talks aim to balance trade relations and possibly reach an interim deal before a final agreement is signed later in 2025.

BulletsIn

• India, US finalised framework to negotiate bilateral trade agreement
• PM Modi, VP JD Vance held key meeting in New Delhi
• Interim trade deal likely before September–October final agreement
• US seeks better market access, lower tariff/non-tariff barriers
• India eased duties on whiskey, luxury vehicles, removed equalisation levy
• Google allowed to settle India antitrust case for ₹20 crore
• USTR flagged lack of trade reciprocity from India
• Special Secretary Rajesh Agrawal to hold in-person talks in US this week
• Talks aim to benefit workers, farmers, entrepreneurs in both nations
• India first to open trade talks with Trump’s second term