Indian Commerce Minister holds ‘constructive meeting’ with US counterpart over mutually beneficial trade agreement

Union Commerce and Industry Minister Piyush Goyal on Friday said he held a constructive meeting with US Commerce Secretary Howard Lutnick to reach a mutually beneficial trade agreement.

Goyal said the two nations are committed to enhancing opportunities for businesses and people.

Goyal wrote on X: “Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people.”

Goyal held talks with the US Commerce Secretary before US President Donald Trump’s tariffs came into effect in July.

Goyal is currently visiting the US to hold talks over the trade deal.

Second meeting in a week

This was the second meeting between Goyal and Lutnick this week.

They had earlier met on Monday.

Goyal said he had a ‘good’ meeting with Lutnick.

Following the meeting, Goyal wrote on X: “Good discussions with Secretary @HowardLutnick towards expediting the first tranche of India-US Bilateral Trade Agreement.”

2030 bilateral trade target

Indian PM Narendra Modi in February said Washington and New Delhi have set a target of doubling their bilateral trade to USD 500 billion by 2030.

After meeting Donald Trump in the White House for the first time since the President’s inauguration on January 20, Modi said: “Today, we have set a target of more than doubling bilateral trade to 500 billion dollars by 2030. Our teams will work on an early conclusion of a mutually beneficial Trade Agreement.”

He said, “We will strengthen the oil and gas trade to ensure India’s energy security. Investment in energy infrastructure will also increase.”

As per Indian Embassy in the US website, the two countries are expected to reach the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.