India-US Set to Break New Ground: Bilateral Trade Talks Speed Up

Indian Commerce Minister Piyush Goyal and US Commerce Secretary Howard Lutnick advance bilateral trade talks. The discussions aim to secure 'early mutual wins' with attention to market access and non-tariff barriers. Both nations are leveraging a tariff pause to finalize the pact's first phase by fall.

Devdiscourse News Desk | New Delhi | Updated: 20-05-2025 09:22 IST | Created: 20-05-2025 09:22 IST

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Country:
India

In a bid to advance a bilateral trade agreement, Indian Commerce Minister Piyush Goyal engaged in talks with US Commerce Secretary Howard Lutnick in Washington. The discussions focused on expediting the agreement's first phase, aiming for 'early mutual wins' amid a strategic tariff pause.

Goyal's visit marks his second trip to the US this year for trade negotiations, which are crucial as both nations aim to finalize an interim trade arrangement by fall. Key negotiation issues include market access, rules of origin, and non-tariff barriers, with a particular focus on using the 90-day tariff pause to accelerate discussions.

Amid concerns over trade imbalances, India seeks duty concessions for its labor-intensive sectors, while the US targets similar benefits in specific industrial and agricultural areas. With the US being India's largest trading partner, both countries are keenly interested in maintaining favorable trade dynamics in the evolving global market.

(With inputs from agencies.)