New Delhi, Mar 11 (KNN) Commerce and Industry Minister Piyush Goyal is set to hold discussions with export promotion councils on Thursday, addressing trade concerns amid potential reciprocal tariffs from the United States.
The meeting comes at a crucial time as trade negotiations between India and the US continue without a formal agreement on tariff reductions.
According to industry officials, exporters are anxious about the impact of US tariffs on India’s exports, particularly as the US remains India’s largest trading partner.
The discussions are expected to focus on the proposed bilateral trade agreement, which has yet to materialise despite US President Donald Trump’s recent claims that India has agreed to reduce tariffs.
Goyal recently returned from Washington after trade talks with his US counterparts, where key issues such as tariff concessions and market access were discussed.
Exporters believe that if the US extends duty concessions under the proposed trade deal, sectors like textiles, handicrafts, leather, and gems and jewelry could see significant growth.
The US has also urged India to open its agricultural sector, a highly sensitive area protected in past free trade agreements due to the livelihoods of millions of farmers.
US Commerce Secretary Howard Lutnick has emphasised the importance of greater market access, but India has been cautious in making commitments.
Commerce Secretary Sunil Barthwal informed a Parliamentary Committee on External Affairs that no trade tariff agreement has been reached so far.
The briefing also covered US President Trump’s assertion that India has agreed to lower tariffs significantly. However, officials clarified that no formal commitment has been made by India regarding tariff reductions.
As trade negotiations continue, India remains firm on protecting its economic interests while seeking a balanced trade deal. The outcome of Goyal’s meeting with export councils may shape India’s next steps in the ongoing discussions with the US.
(KNN Bureau)
