India, US Trade Talks Ongoing: Key Developments

New Delhi, Sep 24 (PTI) India, US talks are happening at different levels covering both trade and non-trade issues, an official said.

Commerce and Industry Minister Piyush Goyal is in the US for trade talks. He is accompanied by senior officials of the ministry, including special secretary and India's chief negotiator Rajesh Agrawal.

"Talks are happening at different levels," the official said, adding the minister led team is expected to return from the US later this week.

Goyal has held discussions with his US counterpart.

This visit comes in the backdrop of recently concluded day-long discussions in New Delhi between US Chief Negotiator Brendan Lynch and Agrawal on the proposed bilateral trade agreement.

On September 16, the commerce ministry stated that the day-long discussions with the visiting US team on a bilateral trade deal were positive, and both sides agreed to push for an early and mutually beneficial conclusion of the agreement.

The visit of the high-ranking US trade officials came for the first time after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market for buying Russian crude oil.

In February this year, leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).

It was planned to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been held. The pact is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

Goyal visited Washington earlier in May for the trade talks. He held deliberations with US Commerce Secretary Howard Lutnick in Washington.

The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).

The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.