India and the U.S. have finalised terms of reference for talks over the first part of a bilateral trade deal, an Indian trade official said on Friday, adding it was possible that a “win-win” deal could take shape in the next 90 days.
U.S. President Donald Trump on Wednesday announced a 90-day pause on most tariff hikes for major trading partners including India, while raising levies on China, providing temporary relief for Indian exporters.
India and the U.S. agreed in February to work on the first phase of a trade deal to be concluded late this year, with a view to reaching bilateral trade worth $500 billion by 2030.
“We are far ahead in trade talks with the U.S. compared to other countries … there are lots of possibilities in 90 days,” said the official, who did not want to be named because of the sensitivity of the issue.
Reuters reported on Thursday that India wanted to move quickly to clinch a trade deal following Trump’s tariff pause.
Trade discussions between the countries will continue virtually and regularly, the official said, adding there could be some delegation-level visits from both sides as part of the talks.