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Announcement of India-US trade agreement has boosted biz confidence: Piyush Goyal

YourStory

YourStory · 6m ago

Announcement of India-US trade agreement has boosted biz confidence: Piyush Goyal

India and the US plan to negotiate a bilateral trade agreement to enhance economic ties and boost business confidence, as announced during Prime Minister Modi's visit to Washington. Commerce Minister Piyush Goyal noted this agreement aims to more than double bilateral trade to $500 billion by 2030. The deal seeks to transform world trade by leveraging competitive strengths. India is also expanding global partnerships through new trade agreements with countries like Australia, the UAE, and the EFTA bloc.

Related News

India-US trade pact talks gain momentum, says Goyal

Economic Times

Economic Times · 1m ago

India-US trade pact talks gain momentum, says Goyal

Commerce and Industry Minister Piyush Goyal announced that trade agreement negotiations with the US are progressing rapidly. The US delegation will visit India for further discussions, following the recent completion of the fifth negotiation round in Washington. Both nations aim to finalize the initial phase of the agreement by September-October, targeting to increase bilateral trade from USD 191 billion to USD 500 billion. Additionally, a free trade agreement with Oman is nearing completion.

Will only sign mutually beneficial pact, won't sign any deal under deadline: Piyush Goyal on India-US trade deal

Economic Times

Economic Times · 1m ago

Will only sign mutually beneficial pact, won't sign any deal under deadline: Piyush Goyal on India-US trade deal

Commerce and Industry Minister Piyush Goyal emphasized that India will only sign trade agreements that are mutually beneficial, without succumbing to external deadlines, regarding the India-US Free Trade Agreement (FTA). Discussions, ongoing with the Trump administration, aim to resolve issues in agriculture and auto sectors. The first tranche of a broader bilateral trade agreement is targeted for conclusion by fall, with a goal to double bilateral trade to $500 billion by 2030.

MoS Commerce in Rajya Sabha: India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties

Business Today

Business Today · 5m ago

MoS Commerce in Rajya Sabha: India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties

India and the US are negotiating a Bilateral Trade Agreement aimed at enhancing market access, reducing trade barriers, and resolving key trade issues. India is open to reducing duties on items like automobiles, whiskey, medical devices, and certain agricultural goods. Meanwhile, the US seeks greater access for its agricultural products. Discussions led by US officials, including Assistant Trade Representative Brendan Lynch, are ongoing with positive progress reported. India's Minister Piyush Goyal noted the negotiations are advancing well.

Commerce minister to meet export promotion councils on March 13

Business Today

Business Today · 5m ago

Commerce minister to meet export promotion councils on March 13

Commerce and Industry Minister Piyush Goyal will meet export promotion councils on March 13 to discuss trade issues, including recent US trade and tariff announcements. This meeting is part of regular interactions with the export councils. The discussions may cover reciprocal tariffs by the US and a proposed bilateral trade agreement. Efforts are ongoing to negotiate tariff reductions, with US President Trump planning to impose reciprocal tariffs from April 2. India aims to double bilateral trade to $500 billion by 2030.

India refuses to play 'dead economy'. Will Trump back off?

Economic Times

Economic Times · 28d ago

India refuses to play 'dead economy'. Will Trump back off?

India has responded firmly to the U.S.’s imposition of 25% tariffs on its goods, with Commerce Minister Piyush Goyal asserting that India will not yield to unfavorable trade deals or deadlines. Goyal emphasized India’s strategic confidence, rejecting Trump’s characterization of India as a “dead economy” and highlighting India’s growth potential. The firm stance signals India’s insistence on fair trade negotiations that protect domestic interests, urging the U.S. to reconsider its approach for a mutually beneficial relationship.

US trade pact set for early finish: Piyush Goyal

Economic Times

Economic Times · 2m ago

US trade pact set for early finish: Piyush Goyal

India and the US aim to finalize a bilateral trade agreement by fall 2025, as discussed by Commerce Minister Piyush Goyal. India is pursuing multiple free trade agreements (FTAs) with various advanced economies and focusing on ease of doing business, deregulation, and economic stability. The government is also addressing supply chain challenges and encouraging investment. India's IT services exports remain crucial, with ongoing strategies to adapt and thrive amid AI advancements and global market changes.

US trade talks moving at fast pace for win-win deal: Piyush Goyal

Economic Times

Economic Times · 1m ago

US trade talks moving at fast pace for win-win deal: Piyush Goyal

India and the US are progressing rapidly in trade negotiations to establish a mutually beneficial bilateral trade agreement (BTA). Commerce and Industry Minister Piyush Goyal emphasized the spirit of cooperation, with Indian negotiators in Washington for discussions. The aim is to conclude the first phase by fall 2023. Commerce Secretary Sunil Barthwal highlighted ongoing talks with the EU and US, noting FTAs' importance in promoting global capability centres and including modern aspects like services, innovation, and regulatory harmonization.

Piyush Goyal likely to meet exporters on April 9 when reciprocal tariffs take effect

Business Today

Business Today · 4m ago

Piyush Goyal likely to meet exporters on April 9 when reciprocal tariffs take effect

Commerce and Industry Minister Piyush Goyal plans to meet exporters on April 9 to address reciprocal tariffs, notably the 26% US tariff on Indian goods. The meeting will explore strategies to mitigate tariff impacts, aiming to negotiate a bilateral trade agreement with the US and fast-track deals with other countries. Exporters seek government support through reinstating export incentive schemes. This follows Goyal's discussions with export councils on US trade issues in March.

'You can’t walk in there': Trump calls full access to India 'unthinkable' amid trade talks

Economic Times

Economic Times · 2m ago

'You can’t walk in there': Trump calls full access to India 'unthinkable' amid trade talks

U.S. President Donald Trump expressed uncertainty about achieving full trade access to India amid ongoing trade discussions. While hinting at a potential agreement, Trump noted that existing market access restrictions make it challenging to envision unrestricted trade. U.S. Commerce Secretary Howard Lutnick expressed optimism about a deal in the near future, and India's Commerce Minister Piyush Goyal confirmed ongoing negotiations to create a balanced trade agreement. The discussions aim to address tariff and market access issues.

UK-India Week hears how FTA concluded over ice creams in London's Hyde Park

Economic Times

Economic Times · 2m ago

UK-India Week hears how FTA concluded over ice creams in London's Hyde Park

India and the UK concluded a landmark Free Trade Agreement (FTA) during a walk in London's Hyde Park, where Indian Commerce Minister Piyush Goyal was treated to ice cream by his UK counterpart, Jonathan Reynolds. The FTA, expected to double bilateral trade to USD 120 billion by 2030, ensures stable tariff rates and encourages investment and collaboration. Goyal emphasized the FTA’s benefits and addressed misconceptions about temporary workers related to social security taxes.

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