Goyal Concludes US Visit, Holds Talks on India-US Trade Agreement

Union Commerce and Industry Minister Piyush Goyal’s four-day visit to the United States has concluded. This visit holds significant importance in the context of a potential India-US bilateral trade agreement.

Union Minister of Commerce and Industry, Piyush Goyal, has concluded a four-day visit to the United States of America. While the Indian negotiation team remains in the US, led by Chief Negotiator Rajesh Agarwal, continuing bilateral trade negotiations until 22 May. Goyal’s visit was crucial for the bilateral trade agreement between India and the US. During his visit, he held discussions with several US officials on bilateral trade, tariff resolution, and other important issues.

Goyal Meets US Commerce Secretary

During his US visit, Goyal met with US Commerce Secretary Howard Lutnick on Tuesday. Their discussions focused on expediting the first phase of the India-US Bilateral Trade Agreement (BTA).

Good discussions with Secretary @HowardLutnick towards expediting the first tranche of India-US Bilateral Trade Agreement. pic.twitter.com/8JjklXyEjl

— Piyush Goyal (@PiyushGoyal) May 19, 2025

Both Countries Exploring Possibilities

These meetings between India and the US are taking place as both countries explore the possibility of an interim agreement to ensure ‘early mutual benefits’ before finalising the first phase of a trade agreement by the end of this year. Both countries are currently attempting to make rapid progress by utilising the 90-day tariff suspension period offered by the US. The US has suspended the 26% reciprocal tariff imposed on India until 9 July. However, the original 10% base tariff remains in effect.

Is a Trade Framework Ready?

Both India and the US seek tariff concessions and increased bilateral trade. Sources indicate that a framework for a trade agreement between India and the US has been prepared, encompassing tariffs, goods, services, rules of origin, non-tariff barriers, and customs procedures.