New Delhi [India], May 23 : Union Minister of Commerce and Industry Piyush Goyal held a meeting with Howard Lutnick, the United States Secretary of Commerce, to discuss the prospects of a mutually beneficial trade agreement between the two nations.
The meeting focused on deepening economic ties and exploring new opportunities for collaboration in trade and investment.
In a social media post following the meeting, Goyal shared, "Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people."
The statement reflects the growing commitment from both sides to strengthen bilateral trade relations and promote economic growth through increased cooperation.
India and the United States are poised to sign the first tranche of the much-anticipated Bilateral Trade Agreement (BTA) before July, according to sources who spoke to ANI.
Sources revealed that a round of meetings with the United States Trade Representative has already concluded.
Officials from both nations have discussed various issues related to goods trade, with India pushing for concessions on labour-intensive exports such as leather and textiles. Service sector issues have also featured prominently in the discussions.
"We want to increase our exports and preserve what we are already exporting," a source familiar with the negotiations told ANI. "The BTA with the US will be a win-win deal for both countries".
The sources indicated that India remains protective of sensitive sectors, particularly agriculture and dairy products. A key Indian demand is a full exemption from the 26 per cent tariff imposed on certain goods.
"Negotiations are proceeding on a very positive note, and we expect to conclude the agreement before the sunset clause set by the US, which expires on July 8," one of the sources added.
The India-US trade deal would mark a significant milestone in economic relations between the world's largest and fifth-largest economies, potentially opening new avenues for bilateral commerce and investment.
For the fourth consecutive year in 2024-25, the US was India's largest trading partner, with bilateral trade valued at USD 131.84 billion. India had a trade surplus of USD 41.18 billion in goods in 2024-25.
During the recent meeting between President Donald Trump and Prime Minister Narendra Modi in February, the two leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative, and supply chains more resilient.
They resolved to deepen the US-India 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" - aiming to more than double total bilateral trade to USD 500 billion by 2030.Beyond the US talks, sources mentioned that trade negotiations with the European Union are also underway, and they expect an early harvest.
Sources said trade negotiations between India and the European Union are progressing faster, and both sides are considering concluding the talks for an early harvest trade agreement this year.