New Delhi [India], April 22 (ANI): The U.S. Trade Representative (USTR) has said that the ongoing engagement between India and the United States for a bilateral trade agreement (BTA) could create new opportunities for workers, farmers, and entrepreneurs in both countries.

Jamieson Greer, U.S. Trade Representative, welcomed the joint statement made by U.S. Vice President Vance and Indian Prime Minister Narendra Modi.

Greer said 'These ongoing talks will help achieve balance and reciprocity by opening new markets for American goods and addressing unfair practices that harm American workers. India's constructive engagement so far has been welcomed and I look forward to creating new opportunities for workers, farmers, and entrepreneurs in both countries'.

The two leaders reaffirmed the importance of the India-U.S. COMPACT -- Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology -- and appreciated the progress made in the negotiations for a Bilateral Trade Agreement (BTA).

These negotiations were launched by President Donald Trump and Prime Minister Narendra Modi during Modi's visit to Washington on February 13, 2025.

Ambassador Greer confirmed that the USTR and India's Ministry of Commerce and Industry have finalized the Terms of Reference (TOR) to guide the BTA negotiations.

Vice President Vance and Prime Minister Modi have now officially announced the Terms of Reference for the BTA, marking an important milestone since the launch of the COMPACT initiative.

The TOR will provide a roadmap for multi-sector negotiations focused on achieving mutually beneficial outcomes.

The United States aims to increase market access, lower both tariff and non-tariff barriers, and establish additional commitments that bring long-term benefits to both sides.

The announcement also comes in the backdrop of rising concerns over trade barriers between the two countries. In 2024, the U.S. had a goods trade deficit of USD 45.7 billion with India -- a 5.1 per cent rise from 2023.

President Trump imposed a 10 per cent tariff on all countries on April 2, 2025 (Liberation Day), with even higher tariffs on nations with large trade surpluses against the U.S.

The USTR noted that the TOR with India marks a significant move forward. (ANI)