India, US make progress on mutually beneficial trade agreement: Piyush Goyal
India and the US have made further progress on concluding a mutually beneficial trade agreement, Union Commerce and Industry Minister Piyush Goyal has stressed, amid talks with the US Commerce Secretary Howard Lutnick towards the first tranche of Bilateral Trade Agreement (BTA).
India presents a compelling case to the US for a bilateral trade deal, given the outlook on growth and demography.
“Held a constructive meeting with Secretary Howard Lutnick for a mutually beneficial trade agreement,” said Goyal in a post on X social media platform on Thursday (US time).
The union minister further stated that the two nations are “committed to enhancing opportunities for our businesses and people”.
India and the US are working to sign the first tranche of BTA to bring down tariffs before the agreed timeline of the fall of 2025, as the the terms of reference for the pact have already been finalised.
Earlier, Goyal had said that "very good negotiations" with the US were underway.
"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 to enter into a good agreement with the US," Goyal had told reporters.
If both the countries come to an agreement on reducing tariffs, it would lead to higher trade for US and India. Prime Minister Narendra Modi and US President Donald Trump have set an ambitious target of $500 billion bilateral trade by 2030 in a joint statement during the Indian PM’s recent visit to Washington, DC.
The US President claimed recently that India offered to remove all tariffs on American goods, but added that he was in no rush to finalise a trade deal despite the apparent breakthrough.
