India-US Trade Discussions Set To Resolve In ‘Near Future’: Minister Piyush Goyal

• Goyal said discussions are progressing toward a ‘fair and equitable’ framework.
• Agriculture, dairy, and textiles among key sectors eyed in trade deal.
• Trade deal expected to halve tariffs and boost bilateral trade to $500 billion by 2030.

A trade truce between India and the United States is expected to materialize in the “near future”, according to Piyush Goyal, Minister of Commerce and Industry. The two countries are making important strides in their stalled trade negotiations, with Goyal expressing optimism about finalizing a “fair and equitable” framework in the near future.

“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,” Goyal said.

The discussions centre around a proposed bilateral trade agreement aimed at more than doubling the current bilateral trade to around $500 billion by 2030. India and the US have completed five rounds of talks since February.

Goyal underlined that Indian and US trade teams are actively engaging with a view to arriving at a balanced deal and that a successful outcome must accommodate national sensitivities, especially in sectors like agriculture, dairy and textiles, while delivering market access for both parties.

Alongside the U.S. talks, Goyal is also pursuing progress on the India - EU Free Trade Agreement. The Indian minister met senior German officials and industry leaders from companies like Mercedes-Benz, Schaeffler, and Infineon, who expressed strong interest in expanding investments in India.

Tariff Reduction On The Cards

According to a report by Mint, India and the United States are on the verge of finalizing a trade agreement that could significantly lower U.S. tariffs on Indian goods from around 50% to 15%-16%. The deal, centered on energy and agriculture, may also involve India gradually reducing its imports of Russian crude oil.

U.S. President Donald Trump said he spoke with Prime Minister Narendra Modi on Tuesday, focusing mainly on trade and energy. Trump noted that Modi assured him India would curb oil purchases from Russia.

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