Piyush Goyal and US Commerce Secretary Hold Talks on Proposed Trade Deal

In their second meeting in as many days, Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Howard Lutnick met in Washington on Friday to talk about the proposed bilateral trade agreement that is presently being negotiated between the two nations.

Key Highlights

• Piyush Goyal and U.S. Commerce Secretary Howard Lutnick met to expedite the interim trade pact.
• India seeks full exemption from 26% U.S. tariffs; aims to finalize agreement by July 8.

"Had a productive meeting with Secretary @HowardLutnick to discuss a trade agreement that would benefit both parties." Goyal posted on X that he was "committed to enhancing opportunities for our businesses and people."

The meeting is significant because both nations aim to finalize an interim trade agreement by July 9, which is also the day that the United States ends its 90-day suspension of reciprocal tariffs on Indian goods. 

In the proposed agreement with the United States, India is requesting duty concessions for labor-intensive industries such as textiles, gems and jewelry, leather goods, clothing, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in order to increase bilateral trade.

Conversely, the United States seeks duty exemptions in industries such as specific industrial goods, vehicles, wines, dairy products, petrochemicals, and agricultural products.

The first phase of the agreement must be completed by fall (September–October) of this year, according to a deadline set by both nations.

The proposed date for completing the interim trade agreement is July 9.