India-US Trade Talks Heat Up As Union Minister Piyush Goyal-Led Delegation Set To Visit US For Key Discussions On Sept 22

New Delhi: Amidst ongoing trade negotiations, a high-powered delegation led by Union Minister of Commerce and Industry Piyush Goyal is set to visit the United States (US) on September 22. The development has invoked hopes about a possible trade agreement between the two countries and the strengthening of economic ties between India and the US. 

According to officials, the primary agenda for the strategic visit of the Indian delegation under Minister Piyush Goyal is to engage in crucial discussions on the India-US trade deal, to propel negotiations forward towards an early conclusion of a mutually beneficial Trade Agreement, as stated by the Ministry of Commerce & Industry.

The delegation's visit is expected to bring some warmth amidst ongoing trade tensions between the two nations. The US visit of the Indian delegation is expected to take forward the talks on the trade agreement. Amidst the latest developments, the hope is high of a palpable sense of anticipation regarding the positive outcomes of these negotiations. The Ministry's statement outlined the intent to achieve an early conclusion, emphasising the mutual benefits of such a Trade Agreement for India and the US.

The visit of Piyush Goyal and his delegation to the US represents a crucial move towards cementing economic partnerships. The talks are expected to be pivotal in shaping the future of India-US trade relations, possibly opening up new avenues for commerce, investment, and cooperation between the two nations.

Notably, India and the United States are making headway in their trade negotiations despite recent tensions over tariffs. After US President Donald Trump imposed a 25% punitive tariff on Indian goods due to India's purchase of Russian oil, both countries have been working towards resolving the issue.

Experts Believe US May Remove Punitive Tariffs On Indian Goods

Chief Economic Adviser V Anantha Nageswaran expects the US to remove the punitive import duties on Indian goods and reduce reciprocal tariffs from 25% to around 10-15%. "My personal confidence is that in the next couple of months, if not earlier, we will see a resolution to at least the extra penal tariff of 25%," Nageswaran said.

The optimism is fueled by recent positive interactions between Trump and Prime Minister Narendra Modi on the occasion of PM Modi's 75th birthday. During his congratulatory phone call, Trump thanked Prime Minister Modi for his help in ending the war between Russia and Ukraine, signalling a thaw in US-India tensions. The prime minister also responded warmly to Trump's affirmation of India-US relations, stating that both sides are working to conclude trade discussions at the earliest.

Piyush Goyal Expressed Optimism

Earlier, Union Minister Piyush Goyal noted that negotiations are progressing in a positive atmosphere, with both countries satisfied with the progress. He stated that the aim was to conclude the first phase of the bilateral trade agreement by November 2025, paving the way for unlocking the limitless possibility of the India-US partnership.

The US is India's largest trading partner, with bilateral trade in goods standing at $131.8 billion in the financial year ended 2024-25. Both countries aim to more than double bilateral trade in goods and services to $500 billion by 2030.

As trade tensions ease, textile stocks in India rallied up to 9% driven by optimism over a possible trade deal. With leaders expressing confidence in concluding negotiations, India and the US seem to be on track for a breakthrough in their trade talks.