BILATERAL NUDGE!! Piyush Goyal’s US Visit - Pushing Forward India-US Trade
Commerce and Industry Minister Piyush Goyal arrived in Washington, embarking on a critical visit aimed at advancing negotiations for a bilateral trade agreement (BTA) between India and the United States.
Union Commerce and Industry Minister Piyush Goyal arrived in Washington on March 3, embarking on a critical visit aimed at advancing negotiations for a bilateral trade agreement (BTA) between India and the United States. The trip, which runs through March 7, comes as both nations work toward a shared goal of doubling their two-way commerce to USD 500 billion by 2030, with the first phase of the BTA targeted for completion by fall 2025. Goyal’s agenda includes high-stakes meetings with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, reflecting the urgency of deepening economic ties amid looming trade challenges.
The visit follows Prime Minister Narendra Modi’s recent trip to Washington, where India and the US reaffirmed their commitment to a “mutually beneficial, multi-sector” trade pact. Goyal’s sudden departure—cancelling prior engagements—underscores India’s response to US President Donald Trump’s proposed reciprocal tariffs, set to hit Indian exports like automobiles, pharmaceuticals, and agriculture by early April. With bilateral trade at USD 190.08 billion in 2023 (including USD 123.89 billion in goods), India seeks clarity on these tariffs, estimated to cost exporters USD 7 billion annually, while exploring concessions to ease tensions.
Goyal has emphasized that the complementary nature of the two economies allows for duty reductions and increased market access. India has already lowered tariffs on items like high-end motorcycles (from 50% to 30%) and bourbon whiskey (from 150% to 100%), signaling flexibility, though it resists cuts on agricultural goods to protect its farmers. Discussions will also likely cover supply chain integration and sectors like technology and manufacturing, with Goyal previously calling the potential pact the “mother of all deals.” Accompanied by top negotiators like Rajesh Agrawal, Goyal aims to kickstart formal talks within days. As Trump’s tariff threats loom, this visit marks a pivotal moment in shaping India-US trade relations for the decade ahead.
