Union Commerce and Industry Minister Piyush Goyal met with US Commerce Secretary Howard Lutnick to accelerate the initial phase of the India-US Bilateral Trade Agreement (BTA). The meeting reflects growing momentum in strengthening trade ties between the two democracies.
Goyal posted a handshake photo with Lutnick on X, calling it a “good discussion to expedite the first tranche of the trade agreement.” The talks mark a move to redefine the economic ties between the two nations.
Speaking earlier this year at the Columbia India Energy Dialogue in New Delhi, Goyal had said the BTA talks were progressing smoothly and that India was among the first countries to engage the US in such talks.
He highlighted the complementary nature of both economies: “The United States and India don’t compete on many fronts. With their high per capita income and our manufacturing base, we are ideal trade partners. There are innovations and technologies the US leads in, while India produces cost-effective goods the US market needs.”
Goyal emphasized that this partnership has long-term potential. “It’s a modern-day collaboration with mutual benefit. As India grows from a $4 trillion to a $35 trillion economy by 2047, the scale of opportunity is massive,” he said.
As per recent data, India’s exports to the US grew by 11.6%, reaching $86.5 billion, while imports rose by 7.4%, totaling $45.3 billion in 2024–25. This pushed India’s trade surplus with the US to $41 billion, triggering discussions about balanced and reciprocal trade mechanisms.
The agreement aligns with a broader commitment made by Prime Minister Narendra Modi and former President Donald Trump in their February 2025 summit. The two leaders had resolved to deepen trade, drive innovation, create jobs, and build resilient supply chains.
Reflecting this shared vision, the two countries rolled out “Mission 500,” a strategic push to elevate bilateral trade to $500 billion by 2030. The agreement, expected to be finalized by fall 2025, is set to be a cornerstone of this vision, reinforcing strategic and economic cooperation between India and the US.
This dialogue underscores the strong and evolving commercial partnership that both countries view as essential for global stability and mutual prosperity.
