India and the US desire to give preferential market access to each other’s businesses and teams of both the countries are working together on the proposed bilateral trade agreement, Commerce Minister Piyush Goyal has said.

In February, US President Donald Trump and Prime Minister Narendra Modi announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025.

It is aimed at more than doubling the bilateral trade to $500 billion by 2030 from the current level of $191 billion.