Union Commerce and Industry Minister Piyush Goyal on Tuesday said that he had held fruitful talks with US Commerce Secretary Howard Lutnick towards concluding the first tranche of the India-US Bilateral Trade Agreement (BTA).
India and the US are working to sign the first tranche of the BTA to reduce tariffs before the agreed timeline of fall 2025, as the terms of reference for the pact have already been finalized.
“Good discussions with Secretary @Howard Lutnick towards expediting the first tranche of the India-US Bilateral Trade Agreement,” Goyal posted on the X social media platform.
Earlier, Goyal had said that “very good negotiations” with the US were underway.
India presents a compelling case to the United States for a bilateral trade deal, given the outlook on growth and demographics.
“Looking at the growth India offers in the next 25-30 years, with a large, aspirational, young population who will add to the demand for goods and services, we believe India will be a compelling case for entering into a good agreement with the US,” Goyal had told reporters.
If both countries reach an agreement on reducing tariffs, it would lead to higher trade between the US and India. Prime Minister Narendra Modi and US President Donald Trump have set an ambitious target of $500 billion in bilateral trade by 2030, as stated in a joint statement during the Indian PM’s recent visit to Washington, DC.
Trump claimed last week that India offered to remove all tariffs on American goods, but added that he was in no rush to finalize a trade deal despite the apparent breakthrough.
External Affairs Minister S. Jaishankar also commented last week that the ongoing trade negotiations are complex.
“Trade talks between India and the US have been ongoing. These are complicated negotiations. Nothing is decided until everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature,” EAM Jaishankar said while speaking to reporters.
IANS