New Delhi [India], April 23 (ANI): Emphasising steady progress in bilateral economic ties between India and the US, the Ministry of External Affairs (MEA) on Thursday said that both sides are engaged in ongoing discussions to finalise a comprehensive trade agreement aimed at benefiting both nations.

Addressing a weekly media briefing in the national capital, MEA spokesperson Randhir Jaiswal highlighted that the negotiations between India and the United States are 'constructive' and focused on addressing mutual concerns while enhancing economic cooperation.

He further noted that the discussions are aligned with a broader vision to significantly expand bilateral trade, with both countries aiming to achieve a target of USD 500 billion in trade by 2030, which was earlier mentioned in the framework of the interim deal.

'These engagements are ongoing and constructive. Both sides are working towards a balanced, mutually beneficial and forward premium trade agreement that takes into account each other's concerns and priorities and to reach a trade target of USD 500 billion by 2030 so that is where we are on the welcome trade agreement,' Jaiswal said.

Earlier on Tuesday, a senior US official said that Washington and New Delhi are making progress toward a finalised trade deal, as the two sides hold fresh negotiations in the American capital.

The official, speaking to ANI, said, 'The Trump administration and India continue to have positive and productive discussions towards a finalised trade deal.'

The comment came in response to ANI's question about the current status of the ongoing trade talks between the two countries in Washington.

Indian delegates have been arriving in Washington for the latest round of negotiations. Another official familiar with the discussions, speaking on condition of anonymity, said the two sides are close to wrapping up an agreement, with most substantive issues already resolved.

'Most of it is almost done,' the official told ANI. 'There aren't many loose ends left.'

The upcoming discussions are expected to focus on resolving the remaining gaps in the agreement, gaps that the official described as few in number, with the bulk of the deal effectively ironed out.

The Indian delegation will engage with officials from the Office of the US Trade Representative (USTR).

Leading the American side as chief negotiator is Brendan Lynch, Assistant US Trade Representative for South and Central Asia. India's delegation is headed by Darpan Jain, Additional Secretary in the Department of Commerce, who has played a key role in the ongoing trade discussions with Washington.

Officials said the presence of senior representatives from both countries in Washington reflects the growing momentum behind the proposed trade framework. While specific details of the agreement remain undisclosed, the advanced stage of discussions has raised expectations that an announcement could be made soon.

The United States and India have been engaged in protracted trade negotiations aimed at reducing tariffs and expanding bilateral trade. A deal, if finalised, would mark a significant milestone in economic ties between the world's largest economy and one of its fastest-growing major economies.

On February 7, India and the United States announced they had reached a framework for an interim agreement on reciprocal and mutually beneficial trade.

The framework reaffirmed both countries' commitment to broader bilateral trade agreement (BTA) negotiations launched by US President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, aimed at enhancing market access.

Meanwhile, Union Minister of Commerce and Industry Piyush Goyal also said the first tranche of the proposed bilateral trade agreement with the United States is 'almost finalised,' with discussions focused on securing preferential market access for India in the US market relative to its competitors.

'We have almost finalised our free trade agreement, the first tranche of the bilateral trade agreement with them. We are trying to close the Ts and dots on that and work out what would be the mechanism by which India can get a preferential access, market access in the US market compared to our competitors,' Goyal told reporters on the sidelines of the India-Korea Business Forum in New Delhi. (ANI)