By Minister Piyush Goyal
Copyright indiatimes
AgenciesIndia-US trade talks (Image for representation)
A delegation led by Commerce and Industries Minister Piyush Goyal discussed the possible contours of a bilateral trade agreement during constructive meetings with U.S. government officials in Washington from September 22-24, the Ministry of Commerce said in an official statement on Friday.Goyal met with Ambassador Jamieson Greer, United States Trade Representative, and Sergio Gor, U.S. Ambassador designate to India.The discussions covered a wide range of trade matters, with both sides agreeing to continue engagements to reach an early conclusion of a mutually beneficial agreement.”The delegation had constructive meetings with the U.S. Government on various aspects of the deal. Both sides exchanged views on possible contours of the deal and it was decided to continue the engagements with a view to achieve early conclusion of a mutually beneficial Trade Agreement,” Commerce Ministry noted in its statement. The delegation also met key U.S.-based businesses and investors, who expressed strong confidence in India’s growth story and interest in expanding their activities in the country.Live EventsThe talks are seen as a step forward in strengthening economic and investment ties between the two nations, the Commerce Ministry noted.India-US: Trade negotiations underwayThis visit comes in the backdrop of recently concluded day-long discussions in New Delhi between US Chief Negotiator Brendan Lynch and Agrawal on the proposed bilateral trade agreement.On September 16, the commerce ministry stated that the day-long discussions with the visiting US team on a bilateral trade deal were positive, and both sides agreed to push for an early and mutually beneficial conclusion of the agreement.The visit of the high-ranking US trade officials came for the first time after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market for buying Russian crude oil.In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA). It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been held. The pact is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.Goyal visited Washington earlier in May for the trade talks. He held deliberations with US Commerce Secretary Howard Lutnick in Washington.The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports). The US accounts for about 18 per cent of India’s total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country’s total merchandise trade.Add as a Reliable and Trusted News Source Add Now!
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Read More News onCommerce MinistryPiyush Goyalbilateral trade agreementeconomic tiesMinistry of CommerceUnited States Trade RepresentativeU.S. Ambassador designate to Indiacommerce and industries
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onCommerce MinistryPiyush Goyalbilateral trade agreementeconomic tiesMinistry of CommerceUnited States Trade RepresentativeU.S. Ambassador designate to Indiacommerce and industries(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
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