Commerce and Industry Minister Piyush Goyal will visit Washington next week as India and the US plan to negotiate a bilateral trade agreement.
The visit will begin on March 3 and the minister may stay in the US until March 7, PTI quoted an unnamed official as saying.
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| Indian Commerce and Industry Minister Piyush Goyal is set for a busy week in the US. (Source: The Hindu) |
During Prime Minister Narendra Modi’s recent visit to Washington, India and the US announced a commitment to double two-way trade to $500 billion by 2030 and negotiate the first round of a mutually beneficial multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.
During the visit, Commerce and Industry Minister Piyush Goyal is scheduled to hold talks with US Trade Representative (USTR) Jamieson Greer and Commerce Secretary Howard Lutnick.
The Indian Ministry of Commerce and Industry has been in discussions with various ministries on various aspects of India-US trade and related developments. The proposed agreement is an opportunity to boost bilateral trade and investment between the two countries amid threats by President Donald Trump to impose higher tariffs on goods from the South Asian nation.
During President Donald Trump's first term, the two countries discussed a trade deal, but the Joe Biden administration shelved the plan because it does not support such agreements.
The United States is India's largest trading partner during 2021-24. The United States is one of the few countries with which New Delhi has a trade surplus.
In 2023, trade in goods and services between the two countries reached $190.08 billion ($123.89 billion in goods and $66.19 billion in services). That year, India's goods exports to the US were $83.77 billion, while imports were $40.12 billion; services exports were $36.33 billion and imports were $29.86 billion.
In 2023-24, the US is India's largest trading partner with bilateral merchandise trade of $119.71 billion (exports of $77.51 billion and imports of $42.19 billion).
India received $67.8 billion in foreign direct investment from the US between April 2000 and September 2024.
Source: https://baoquocte.vn/giua-bao-thue-quan-bo-truong-cong-thuong-an-do-len-lich-tham-my-306081.html
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