New Delhi
Union Commerce and Industry Minister Piyush Goyal held constructive discussions with US Commerce Secretary Howard Lutnick to expedite the first tranche of the India-US Bilateral Trade Agreement (BTA). Sharing an image on social media platform X, Goyal highlighted the positive progress made between the two leaders.
Earlier this month, Goyal stated that talks with the US are moving in the right direction. Speaking at the Columbia India Energy Dialogue, he emphasized the complementary nature of the two economies, saying, “At USD 83,000 per capita income, what the US produces cannot compete with goods made in India.” He further highlighted the technological innovations and products available from the US that India lacks. Goyal described the partnership as “truly contemporary” and a win-win, given the scale of the American economy and India’s growth trajectory—from a $4 trillion economy to a projected $35 trillion by 2047.
India and the US aim to finalize the deal by fall 2025. In 2024-25, India’s exports to the US rose 11.6% to USD 86.5 billion, while imports grew 7.4% to USD 45.3 billion, resulting in a trade surplus of USD 41 billion. The US maintains reciprocal tariffs on countries with significant trade deficits. In a mid-February 2025 meeting, President Trump and Prime Minister Modi committed to expanding trade and investment through “Mission 500,” targeting USD 500 billion in bilateral trade by 2030 to boost prosperity, innovation, and resilient supply chains.