Piyush Goyal Meets US Secretary Howard Lutnick to Strengthen India-US Trade Ties
- Union Minister Piyush Goyal met US Secretary of Commerce Howard Lutnick to discuss a mutually beneficial India-US trade agreement.
- The meeting emphasized strengthening economic ties and exploring new trade and investment opportunities.
- Goyal posted on social media that the meeting was constructive and aimed at enhancing opportunities for businesses and people of both nations.
In a significant development towards enhancing Indo-US economic cooperation, Union Minister of Commerce and Industry Piyush Goyal held a high-level meeting with Howard Lutnick, the United States Secretary of Commerce, to discuss the contours of a mutually beneficial bilateral trade agreement. The meeting focused on deepening trade relations, boosting investment flows, and promoting economic opportunities for both nations.
Sharing details of the engagement on social media, Goyal stated, “Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people”. His remarks underscore the intent of both sides to accelerate efforts towards finalizing the Bilateral Trade Agreement (BTA), expected to be signed before July.
According to sources cited by ANI, discussions have already taken place with representatives from the Office of the United States Trade Representative (USTR). Both parties are keen on resolving long-standing trade issues and carving out a path for a robust economic partnership. India has particularly emphasized concessions on labour-intensive sectors like textiles and leather, while also seeking favorable outcomes for its services sector.
A source familiar with the negotiations noted, “We want to increase our exports and preserve what we are already exporting. The BTA with the US will be a win-win deal for both countries”. However, India remains cautious regarding sensitive sectors such as agriculture and dairy. One of the key demands from the Indian side is a complete exemption from the 26 per cent tariff currently levied on select goods.
Negotiations are reportedly progressing positively, with officials expressing optimism about concluding the agreement ahead of the US-imposed sunset clause deadline of July 8. The finalization of the BTA would mark a watershed moment in India-US trade relations, potentially unlocking new avenues for commerce, innovation, and job creation.
The US has consistently remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade reaching USD 131.84 billion. India also recorded a trade surplus of USD 41.18 billion in goods during this period.
The latest engagement builds on the momentum generated during the February meeting between President Donald Trump and Prime Minister Narendra Modi, where both leaders reaffirmed their commitment to expanding trade and investment. They jointly announced 'Mission 500', an ambitious target to more than double bilateral trade to USD 500 billion by 2030.
Meanwhile, India is also advancing trade talks with the European Union. Sources revealed that discussions with the EU are progressing rapidly, with both parties eyeing an early harvest trade agreement by the end of the year.
As negotiations intensify on both fronts, India positions itself strategically in global trade, aiming to bolster economic growth, ensure fair practices, and secure meaningful access to key markets.
