A top American business advocacy group has said that meaningful trade facilitation between India and the US through a sweeping bilateral trade deal is long overdue and both sides should work to formalise a level playing field and full and open market access.

These remarks were made on Monday by the US Chamber of Commerce US-India Business Council (USIBC) President Ambassador (ret.) Atul Keshap as trade talks between Commerce Minister Piyush Goyal and his US counterpart Howard Lutnick commenced in the US.

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“We wish both governments success in their negotiations, and urge both sides to leverage the trade relationship for shared growth. Meaningful trade facilitation through a sweeping bilateral trade deal is long overdue, and would be instrumental in boosting the GDPs of both America and India and bind our two mighty economies closer together,” Keshap said.

As the US-India trade talks commenced between Lutnick and Goyal, the US Chamber urged ambition from both sides.

“For years, US and Indian businesses have invested in each other’s countries without a formal investment or trade framework. India represents only 2.5 per cent of America’s trade volumes, and that number can and should increase substantially,” Keshap said.

He added that now, both sides should work with focus to “formalise a level playing field, full and open market access, swift dispute arbitration, and predictable tax and regulatory policies to boost investment, growth, and job creation in both countries.” He said non-tariff barriers and red tape that slow market access should be dismantled with haste.

“The opportunity for both sides is a landmark bilateral agreement that can further unleash entrepreneurship and GDP growth in both countries. Now is the time for ambitious outcomes between Washington and Delhi,” Keshap said.

He noted that USIBC member companies – American and Indian-enthusiastically applaud the efforts of both governments and “wish them productive talks that deepen the strategic, economic, and technological partnership between the people of the United States and the people of India.” The bilateral talks between Goyal and Lutnick over the trade deal come weeks after the official working visit by Prime Minister Narendra Modi to the White House on February 13 for discussions with US President Donald Trump.

Following the meeting, the two leaders had set a bold new goal for bilateral trade – “Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030.

The joint statement issued after the Modi-Trump meeting said that the two leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative, and supply chains more resilient.

Recognising that this level of ambition would require new, fair-trade terms, the leaders had announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.

“The leaders committed to designate senior representatives to advance these negotiations,” the joint statement had said adding that to advance the innovative, wide-ranging BTA, the US and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.

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As per US estimates, the total goods trade with India was estimated to be $129.2 billion in 2024.

The US goods exports to India in 2024 were $41.8 billion, up 3.4 per cent ($1.4 billion) from 2023. The US goods imports from India totalled $87.4 billion in 2024, up 4.5 per cent (USD 3.7 billion) from 2023.

The US goods trade deficit with India was $45.7 billion in 2024, a 5.4 per cent increase ($2.4 billion) over 2023.