India-US Trade Talks: Commerce Minister Piyush Goyal Likely To Visit US Next Week. What To Expect?

(MENAFN- Live Mint) Union Commerce and Industry Minister Piyush Goyal is expected to visit Washington soon, news agency PTI reported, as India-US trade talks gain momentum.

The visit comes after the recent daylong discussions in New Delhi between US Chief Negotiator Brendan Lynch and his Indian counterpart Rajesh Agrawal on the proposed bilateral trade agreement.

"The commerce minister's visit is likely soon... may be in the next few days... for the trade talks," news agency PTI said quoting sources.

Also Read | India, US eye quick trade deal as negotiations resume amid tariff tensions

On September 16, the commerce ministry said that daylong 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.

"It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement," the ministry said in a statement after a seven-hour meeting with US officials.

The talks were important as the US has imposed a steep 50 per cent tariff on Indian goods.

Some reports suggested that talks would also be held on the political front by External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio when they meet on the sidelines of the UNGA in New York next week.

Jaishankar's travel plans to the US are being worked out and an official announcement is awaited, Indian Express said in a report.

Also Read | US-India trade deal: Goyal says both sides 'satisfied with progress'

“A team from United States Trade Representative, led by Assistant USTR Brendan Lynch, had meetings at the Ministry of Commerce on September 16 to take forward the ongoing negotiations for a trade deal with the US. The discussions were positive and forward looking covering various aspects of the trade deal. It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement,” Randhir Jaiswal, spokesperson for the Ministry of External Affairs said on Friday.

Tariff stand-off to be resolved in 2 months?

The visit of the high-ranking US trade officials was first 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.

On September 16, the day the trade talks were held in New Delhi, President Donald Trump spoke with Prime Minister Narendra Modi on phone to wish him on his 75th birthday the next day. PM Modi responded by saying he was“fully committed” to taking the Indo-US partnership to“new heights”.

In February, 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.

India's chief economic adviser (CEA) V Anantha Nageswaran struck an optimistic note on 18 September saying he expected a resolution to the tariff stand-off with the US within the next two months, even as he projected steady momentum in India's domestic economy.

Speaking at an industry gathering in Kolkata, Nageswaran said he believed Washington would soon roll back the additional 25% tariff imposed on New Delhi for buying Russian oil .

Earlier visits by Goyal

Goyal visited Washington earlier in May for the trade talks. He held deliberations with US Commerce Secretary Howard Lutnick in Washington.

Also Read | India, US to intensify efforts to seal trade deal as talks resume

The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at $131.84 billion ($86.5 billion exports).

It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement.

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.

Goyal had on Thursday said that trade talks between India and the U are progressing and are moving in the right direction.

(With PTI inputs)

Key Takeaways

• Piyush Goyal's visit to Washington signifies a renewed commitment to advancing India-US trade talks.
• The proposed Bilateral Trade Agreement aims to significantly increase bilateral trade by 2030.
• Recent discussions have focused on overcoming tariff barriers and enhancing cooperation between the two nations.

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