New Delhi, May 20 (H.S.): Talks are ongoing regarding the proposed trade deal between India and the United States. Union Commerce and Industry Minister Piyush Goyal discussed expediting negotiations on the first phase of the proposed Bilateral Trade Agreement (BTA) with U.S. Commerce Secretary Howard Lutnick on Tuesday in Washington.

Piyush Goyal is currently in Washington for a ministerial meeting to review the progress of trade agreement talks. Meaningful discussions took place with U.S. Commerce Secretary Howard Lutnick to accelerate the first phase of the India-U.S. bilateral trade agreement. After the ministerial meeting, discussions will take place between the chief negotiators of both countries until May 22. This meeting on the proposed trade deal between India and the U.S. comes at a time when both countries are looking to finalize the first phase of the trade agreement by this fall (September-October). Key issues for discussion in the talks include market access, rules of origin, and non-tariff barriers.

Union Commerce and Industry Minister Piyush Goyal had also visited Washington in March for discussions on trade talks. The officials of India and the U.S. aim to leverage a 90-day tariff suspension period to advance the trade negotiations. The U.S. has suspended an additional 26% tariff on India until July 9. The U.S. President had announced a tariff increase to address the rising trade deficit by April 2, 2025. However, a base tariff of 10% applies to all countries. Additionally, a 25% tariff is imposed on steel, aluminum, and motor vehicle components.

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Hindusthan Samachar / Jun Sarkar