India-US trade talks to begin soon: What's on agenda
What's the story
Commerce and Industry Minister, Piyush Goyal, will start his visit to Washington today to start discussions on a proposed bilateral trade agreement between India and the United States.
During his stay, Goyal will hold talks with US Trade Representatives (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick.
The visit comes after Prime Minister Narendra Modi's recent commitment during his Washington visit.
Trade target
India and US aim for $500 billion trade by 2030
During PM Modi's recent tour to Washington, India and the US pledged to more than double their bilateral trade to $500 billion by 2030.
They also committed to finalizing the first phase of a multi-sector Bilateral Trade Agreement (BTA) by autumn 2025.
Goyal has reiterated India's commitment toward strengthening trade relations with the US, asserting that both countries are determined to reach this ambitious target.
Tariff concerns
Goyal's visit comes amid potential tariff increases
Goyal's visit comes at a critical juncture as US President Donald Trump announced plans to impose higher tariffs on Indian goods.
In response, Goyal suggested India and the US could consider mutual concessions and duty reductions owing to their largely complementary economies.
During Trump's first term, the two sides had discussed a mini-trade agreement, but it was shelved by the Biden administration.
Trade statistics
India-US trade figures highlight strong economic ties
In 2023, India-US trade in goods and services stood at $190.08 billion. Goods trade contributed $123.89 billion while services trade contributed $66.19 billion, according to PTI report.
In that year, India's merchandise exports to the US were worth $83.77 billion as opposed to imports worth $40.12 billion, resulting in a trade surplus of $43.65 billion in India's favor.