Goyal meets US’ Lutnick over trade deal, 2nd time in a week

In signs that the India-US bilateral trade agreement talks are progressing smoothly, Commerce Minister Piyush Goyal on Friday met his American counterpart Howard Lutnick and later described the talks as mutually beneficial.

Advertisement

This was Goyal’s second meeting with Lutnick in a week as the trade negotiations entered fast gear. The two had also met on May 20.

After the meeting, Goyal said, “Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people.”

The meeting comes at a time when India and the US are working to finalise an interim trade pact by July 9. US President Doland Trump’s 90-day tariff suspension deadline ends on July 9. The US had slapped 26 per cent reciprocal tariffs on India on April 2. Currently, a 10 per cent baseline tariff imposed by the US remains in place.

Goyal arrived in the US on May 17 for negotiations. The four-day discussions between the chief negotiators of both countries concluded on May 22.

Sources said New Delhi was seeking a complete waiver of the 26 per cent reciprocal tariffs on Indian goods as part of the interim trade deal.

Goyal’s remarks indicated that India may well be able to safeguard the industries it seeks to protect, including dairy and agriculture.

India may seek commitments from the US on duty concessions for the labour-intensive sector.

The deadline for the conclusion of the first batch of the bilateral trade agreement is by the fall in September-October, with plans to more than double bilateral trade between the countries from $191 billion to $500 billion.

India is demanding duty concessions for textiles, gems, jewellery, leather goods, garments, plastics, chemicals, oilseeds, grapes and bananas in the proposed pact with the US, the sources said.

The US wants tariff cuts in some industrial goods, automobiles, wines, petrochemicals and agriculture.