India-US Trade Talks: Piyush Goyal concludes US visit as both sides decide to continue talks for trade pact

A high-level Indian delegation, led by Commerce and Industries Minister Piyush Goyal, held “constructive meetings” with the US side for achieving early conclusion of the Bilateral Trade Agreement, which was announced in February this year with an objective to enhance bilateral trade between the two countries to $500 billion by 2030.

The delegation visited US from Monday to Wednesday and engaged in discussions with the US government officials to push for a mutually beneficial trade agreement, the Ministry of Commerce said.

During the visit, the Minister held key meetings with Ambassador Jamieson Greer, United States Trade Representative, and Sergio Gor, US Ambassador-designate to India, the ministry said. The discussions focused on deepening economic cooperation and exploring the framework for a potential trade deal. Both sides exchanged views on critical aspects of the agreement, expressing a shared commitment to continue negotiations for an early and balanced conclusion.

“The delegation had constructive meetings with the US government on various aspects of the deal. Both sides exchanged views on possible contours of the deal, and it was decided to continue the engagements with a view to achieve early conclusion of a mutually beneficial Trade Agreement,” the ministry said in statement.

In addition to government-level talks, the delegation met with leading US-based businesses and investors to promote India as a prime destination for trade and investment. The interactions garnered a positive response, with American business leaders expressing strong confidence in India’s growth story. Many conveyed their intent to expand operations and investment in India, citing its dynamic market and economic potential.

The visit underscores the growing economic partnership between India and the US, with both nations keen on fostering a trade environment that drives mutual prosperity. As negotiations progress, the focus remains on crafting a trade agreement that aligns with the interests of both economies.

Further engagements are planned to build on the momentum generated during this visit, with optimism surrounding the future of India-US economic relations.

Goyal’s US visit was in the aftermath of a productive meeting on September 16 between US Chief Negotiator Brendan Lynch and Indian counterpart Rajesh Agrawal in New Delhi, focusing on the proposed bilateral trade agreement.

The officials here described the discussions as "positive and constructive," covering vital areas of India-US trade pact. Both sides agreed to accelerate negotiations to overcome lingering hurdles and target an early conclusion to the deal.

The meeting marked a significant step toward mending strained trade ties between the two countries in the backdrop of 50 per cent tariffs imposed by the US on select Indian goods, including 25 per cent tariff linked to India's oil purchases from Russia. According to analysts, the tariffs would impact nearly $48 billion of India's exports to the US and could shave country's GDP by 0.5 per cent. 

Earlier, US President Donald Trump had made a statement that the two nations are "continuing negotiations to address the Trade Barriers between our two Nations," describing Modi as a "very good friend" and expressing confidence in a "successful conclusion for both of our Great Countries."

Modi reciprocated affirming that "India and the US are close friends and natural partners" and voicing assurance that the talks "will pave the way for unlocking the limitless potential of the India-US partnership."

The India-US ties hit a low in late August when a planned US delegation visit to New Delhi from August 25-29 for the sixth round of negotiations was abruptly postponed amid escalating tensions. The sticking points in India-US trade pact remained US' push for access to India's agriculture and dairy market which New Delhi has firmly resisted citing risks to millions of small farmers.