New Delhi— Union Commerce and Industry Minister Piyush Goyal announced on Tuesday that he had productive discussions with U.S. Commerce Secretary Howard Lutnick focused on accelerating the finalization of the first phase of the India-U.S. Bilateral Trade Agreement (BTA).
India and the United States are working toward signing the initial tranche of the BTA, which aims to reduce tariffs ahead of the previously agreed timeline set for fall 2025. The terms of reference for the deal have already been finalized.
“Had good discussions with Secretary @HowardLutnick on expediting the first tranche of the India-U.S. Bilateral Trade Agreement,” Goyal posted on the social media platform X.
Earlier, Goyal had described the ongoing negotiations with the U.S. as “very constructive.”
India makes a strong case for a bilateral trade pact with the U.S., especially considering its projected economic growth and demographic advantages.
“Given India’s anticipated growth over the next 25 to 30 years and our large, aspirational, and youthful population that will drive demand for goods and services, we believe India presents a compelling case for a strong agreement with the U.S.,” Goyal told reporters.
Should both nations reach an agreement on tariff reductions, bilateral trade could see a significant boost. During Prime Minister Narendra Modi’s recent visit to Washington, D.C., he and former U.S. President Donald Trump set an ambitious target of reaching $500 billion in bilateral trade by 2030.
Last week, Trump claimed that India had offered to eliminate all tariffs on American goods, though he added that he was not in a hurry to finalize a deal despite what he described as a breakthrough.
External Affairs Minister S. Jaishankar also weighed in, noting that the trade negotiations are inherently complex.
“Trade talks between India and the U.S. are ongoing. These are complicated negotiations. Nothing is agreed upon until everything is agreed upon. Any trade deal must be mutually beneficial—it has to work for both countries. That remains our expectation. Until then, any conclusions would be premature,” Jaishankar said while addressing reporters. (Source: IANS)
