Piyush Goyal meets US Commerce Secretary Lutnick, advances India-US trade talks

Union Commerce and Industry Minister Piyush Goyal held productive discussions with US Commerce Secretary Howard Lutnick focusing on expediting the first tranche of the IndiaUS Bilateral Trade AgreementTaking to the social media platform X Goyal shared an image of the two leaders shaking hands stating Good discussions with Secretary Howard Lutnick towards expediting the first tranche of IndiaUS Bilateral Trade AgreementGood discussions with Secretary HowardLutnick towards expediting the first tranche of IndiaUS Bilateral Trade Agreement pictwittercom8JjklXyEjlmdash Piyush Goyal PiyushGoyal May 19 2025Earlier in May the Union Commerce and Industry Minister stated that the Bilateral Trade Agreement BTA with the US was moving progressively in the right directionConversation with the US is going very well We were the first country to start the conversation Conversion is going extremely well We are moving progressively in the right direction said Union Minister Piyush Goyal speaking at the Columbia India Energy Dialogue in New DelhiI think the US and India are totally complementary to each other We are a perfect fit where there is hardly anything except one or two products where we compete otherwise we are totally too complementary At USD 83000 per capita income what the US can produce can never compete with Indian goods made in India And there are so many technologies and so many innovations and products which are not available in India which I would buy from the United States rather than buying from many other nonmarket economies the Union Minister saidFrankly this is a partnership thats truly contemporary a winwin for both and will be the defining partnership in the coming months and years given the very sheer scale of the American economy today and the delta of opportunity that India offers as it grows from a 4 trilliondollar economy to a USD 35 trillion economy by 2047 Goyal addedIndia and the US aim to ink the deal by the fall of 2025 Indias exports reportedly rose 116 per cent to USD 865 billion while imports rose 74 per cent to USD 453 billion in 202425 resulting in a higher trade surplus of USD 41 billion The US administration imposes reciprocal tariffs on countries with a sizable trade deficitDuring their meeting in midFebruary 2025 President Trump and Prime Minister Narendra Modi resolved to expand trade and investment to make their citizens more prosperous nations stronger economies more innovative and supply chains more resilientThey resolved to deepen the USIndia trade relationship to promote growth that ensures fairness national security and job creation To this end the leaders set a bold new goal for bilateral trade Mission 500 to more than double total bilateral trade to USD 500 billion by 2030With inputs from ANIatOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params