The U.S. slapped a 26% reciprocal tariff on India in a setback to the South Asian country's expectation of getting relief from President Donald Trump's global trade policy that has unnerved world markets for weeks.

Both India and the US want to expedite the negotiations for the proposed bilateral trade agreement (BTA) as the two countries are looking at promoting two-way commerce, an official statement said on Thursday.

India and the US are aiming to conclude the first phase of the agreement by the fall of 2025 (September-October). They have also set a target to more than double bilateral trade to USD 500 billion by 2030 from the current over USD 190 billion.