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India-US Trade Breakthrough: Progress Amid Push for $500 Billion Deal

Commerce Minister Piyush Goyal has confirmed that India and the United States are making significant progress in their trade negotiations. He revealed that teams from both countries are actively engaged in dialogue to push forward a fair and equitable trade agreement. The discussions aim to reduce current US tariffs on Indian imports, which stand at 50%, while working toward a bilateral trade target of $500 billion by 2030. Goyal made these comments during his visit to Germany, where he also discussed the India-EU Free Trade Agreement.

Key Points: Piyush Goyal Says India US Trade Talks Making Progress

  • India and US aim to boost bilateral trade to $500 billion by 2030
  • Commerce Secretary recently met US counterparts to advance negotiations
  • Talks focus on reducing US tariffs on Indian imports from current 50%
  • Goyal also discussed India-EU FTA during his Germany visit
3 min read

India and US are making progress in their trade negotiations: Piyush Goyal

Commerce Minister Piyush Goyal confirms India-US trade negotiations advancing, aiming for fair agreement and $500 billion bilateral trade by 2030.

"We continue to engage with them, and talks are progressing. We hope to work towards a fair and equitable agreement in the near future - Piyush Goyal"

Berlin, October 24

Union Minister of Commerce and Industry, Piyush Goyal, on Thursday said that India and the US are making progress in their trade negotiations.

In an interaction with DD, Goyal highlighted that India and the US are engaged in talks, with teams working together, and that the Commerce Secretary met US counterparts to push talks forward toward a fair and equitable trade deal.

"We are in dialogue with the United States of America. Our teams are engaged. We recently had the Commerce Secretary visit the US, and he met with his counterparts. We continue to engage with them, and talks are progressing. We hope to work towards a fair and equitable agreement in the near future," said Goyal.

India and the US are making significant progress on a long-stalled trade agreement aimed at reducing US tariffs on Indian imports from 50%. India and the US aim to boost bilateral trade to $500 billion by 2030.

Goyal was in Germany to discuss on India-EU FTA among other things.

In a post on X, he said, "It was a pleasure to meet H.E. Dr. Levin Holle, Economic and Financial Policy Advisor to the Federal Chancellor and G7 & G20 Sherpa, Germany. Deliberated on opportunities for stronger Indo-German collaboration across key sectors. We also had positive discussions on the India-EU FTA. Both sides are committed to the shared prosperity of our nations."

https://x.com/PiyushGoyal/status/1981392040392114365

Earlier, US Ambassador-designate Sergio Gor met with Commerce Secretary Rajesh Agarwal on October 13 to discuss economic ties between the two countries, including increased investment in the United States.

https://x.com/USAmbIndia/status/1977373241577550149

"During my visit to India, I met with Commerce Secretary Agrawal and discussed US-India economic ties, including increased investment in the United States," the US Ambassador's office said in a post on X.

On Saturday, Gor met Prime Minister Narendra Modi and affirmed that the relations between the two nations will continue to strengthen.

In a post on X, Gor said, "An honour to be with PM Narendra Modi this evening. Our relationship with India will only strengthen over the months ahead!"

The US Embassy in India also posted on X about the warm reception Gor received from the Prime Minister.

"An incredibly warm welcome today from Prime Minister Narendra Modi on my first day in India. I look forward to strengthening the strategic partnership between our two nations!"

- ANI

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Reader Comments

R
Rohit P
$500 billion bilateral trade by 2030 is an ambitious target but achievable if both countries work sincerely. Hope this creates more job opportunities in India.
M
Michael C
As someone working in international trade, I appreciate the progress but hope the final agreement truly benefits both sides equally. Sometimes these deals favor the larger economy.
A
Ananya R
Good to see our ministers actively engaging with multiple countries. The India-EU FTA discussions alongside US talks show our growing global economic presence. Jai Hind! ✨
S
Sarah B
The warm reception shown by PM Modi to the US Ambassador-designate indicates the importance both countries place on this relationship. Positive diplomatic gestures matter.
V
Vikram M
While I welcome the progress, I hope our government ensures that Indian farmers and local industries are protected in these trade agreements. We've seen issues with previous FTAs.
K
Karthik V
The timing is perfect with our growing manufacturing sector. This could be a game-changer for 'Make in India' products reaching American consumers. 🇮🇳💪

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