Piyush Goyal Holds Discussions with U.S. Commerce Secretary on Key Trade Issues

Union Minister of Commerce and Industry Piyush Goyal recently met with U.S. Secretary of Commerce Howard Lutnick to explore the potential for a mutually beneficial trade agreement between India and the United States. The meeting focused on strengthening economic ties and expanding opportunities for cooperation in trade and investment. The talks reflect the growing commitment from both nations to deepen their trade relationship and work together to boost economic growth. According to officials, the first phase of a long-anticipated Bilateral Trade Agreement (BTA) is expected to be signed before July.

India has been pushing for better access for its labor-intensive exports, particularly in sectors like leather and textiles. Discussions have also covered many trade issues, including those affecting the service industry. However, India has continued to protect sensitive areas such as dairy and agriculture.

One of India’s key demands is a full exemption from the 26 percent tariff currently applied to certain products. If successful, the agreement would mark a significant milestone in the economic partnership between the world's largest and fifth-largest economies, paving the way for new avenues in trade and investment.

In the fiscal year 2024–2025, the United States remained India’s top trading partner for the fourth consecutive year, with bilateral trade reaching USD 131.84 billion. India also maintained a goods trade surplus of USD 41.18 billion with the US during this period.

The foundation for these talks was laid earlier this year when President Donald Trump and Prime Minister Narendra Modi met to discuss enhancing trade and investment ties. They introduced the ambitious ‘Mission 500’ plan, which aims to more than double bilateral trade to USD 500 billion by 2030. Their shared vision is to build a partnership that supports economic growth, job creation, national security, and resilient supply chains.