New Delhi, Mar 4 (KNN) Commerce and Industry Minister Piyush Goyal has embarked on an unscheduled visit to the United States to initiate negotiations for a bilateral trade agreement, with an aim to finalise the deal by the end of 2025.
During his visit to Washington, Goyal is expected to meet with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, along with other key officials.
This marks the formal beginning of trade negotiations between the two nations, following an announcement made during Prime Minister Narendra Modi’s visit to the US in mid-February.
The trade agreement is part of a broader vision to boost bilateral trade, which stood at USD 129.2 billion in 2024. The two leaders, Modi and US President Donald Trump, have set an ambitious target to more than double trade volumes to USD 500 billion by 2030.
In 2024, India recorded exports worth USD 87.4 billion to the US, while imports from the US totalled USD 41.8 billion, resulting in a trade surplus of USD 45.7 billion for India.
However, the negotiations come at a challenging time, as the US is set to impose reciprocal tariffs on multiple countries, including India, from early April.
President Trump has already announced a 25% tariff on imports from Canada and Mexico, along with an additional 10% duty on Chinese goods.
These measures could significantly impact Indian exports, particularly in sectors such as chemicals, metals, jewellery, automobiles, pharmaceuticals, and food products.
According to a recent Citi Research report, India may face an annual export loss of nearly USD 7 billion due to these tariff hikes. The upcoming discussions are expected to address these concerns and explore ways to ensure mutual trade benefits.
(KNN Bureau)
