Commerce and Industry Minister Piyush Goyal will visit Washington subsequent week as India, and the United States are planning to negotiate a bilateral trade settlement, an official mentioned.
The visit will begin from March 3 and the Minister is anticipated to be within the U.S. until Friday (March 7), the official added.
During the latest visit of Prime Minister Narendra Modi to Washington, India and the U.S. introduced their dedication to greater than double the two-way commerce to $500 billion by 2030 and negotiate the primary tranche of a mutually helpful, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.
Mr. Goyal is probably going to maintain talks with U.S. Trade Representative (USTR) Jamieson Greer and U.S. Commerce Secretary Howard Lutnick in the course of the visit.
The Commerce Ministry has already began engagements with totally different departments on the India-U.S. trade points and associated developments.
The proposed settlement is a chance to enhance bilateral trade and investments between the 2 international locations amid threat of U.S. President Donald Trump to impose larger tariffs on Indian items.
Tariffs are import duties imposed and picked up by authorities and paid by the businesses to convey overseas items into the nation.
The Commerce Ministry takes views of all ministries involved on proposed trade agreements. The nature of the settlement could be determined by each side.
Mr. Goyal has earlier said that the 2 international locations can supply concessions and responsibility reductions, as their economies complement one another.
Normally in a free trade settlement, two buying and selling companions both eradicate or considerably cut back customs duties on the utmost variety of items traded between them. Besides, they ease norms to promote trade in providers and enhance investments.
During the primary time period of U.S. President Donald Trump, the 2 international locations had mentioned a mini-trade deal, nevertheless it was shelved by the Joe Biden administration as they weren’t in favour of such pacts.
In 2023, the US-India bilateral trade in items and providers stood at $190.08 billion ($123.89 billion in items and $66.19 billion in providers trade). That yr, India’s merchandise exports to the U.S. stood at $83.77 billion, whereas imports have been $40.12 billion, leaving a trade hole of $43.65 billion in favour of India. The nation’s providers export to America was $36.33 billion in 2023, whereas imports have been aggregated at $29.86 billion. The trade hole (distinction between imports and exports) was $6.47 billion in favour of New Delhi. During 2021-24, America was the most important buying and selling accomplice of India. The U.S. is among the few international locations with which India has a trade surplus.
In 2023-24, the U.S. was the most important buying and selling accomplice of India with $119.71 billion bilateral trade in items ($77.51 billion value of exports, $42.19 billion of imports, with $35.31 billion trade surplus).
India has acquired $67.8 billion in overseas direct investments from America throughout April 2000 and September 2024.
Published – March 01, 2025 12:55 pm IST
