USIBC Chief Urges India, US to Step Up Efforts for Historic Trade Deal and Lower Tariffs

The United States and India should step up efforts to finalise a “historic” trade agreement aimed at reducing trade barriers and keeping tariffs as low as possible, US-India Business Council (USIBC) President and former Ambassador Atul Keshap said, according to a statement issued by the organisation. Keshap urged both governments to maintain momentum in the negotiations, saying a reciprocal trade agreement could build on the record investments made during 2026 and create new opportunities for businesses in both countries.

He said a deal could provide immediate economic benefits by supporting manufacturing, expanding access to consumer markets and strengthening cooperation in emerging technologies such as artificial intelligence. According to Keshap, completing the agreement would also give greater stability and predictability to the broader economic and strategic relationship between India and the US.

The USIBC called on New Delhi and Washington to use the progress achieved during the year to reach an agreement that reduces trade restrictions and limits tariffs. The council said such a pact would consolidate the progress made in the negotiations and provide businesses with greater certainty. Keshap also said members of the USIBC remain committed to strengthening commercial ties between the two countries. The council said its members are ready to work with both governments to expand cooperation between the US economy and India's rapidly growing economy.

Commerce and Industry Minister Piyush Goyal said on Thursday that India and the US had largely completed the negotiations on the trade agreement. However, he indicated that India wants to ensure that the final arrangement provides its exporters with a competitive position in the American market.

Speaking at the 13th Annual Forum 2026 India 3.0, Goyal said the agreement was close to completion and that the remaining task was to secure terms that would allow Indian businesses to compete effectively with exporters from other countries. The US continues to be India's largest export destination. According to figures cited by Reuters, India's merchandise exports to the American market increased to USD 42.79 billion between April and August, compared with USD 40.39 billion during the same period last year.

Disclaimer: This image is taken from ANI.