<p>New Delhi: Commerce and Industry Minister Piyush Goyal on Monday embarked on an unscheduled visit to the US to initiate negotiations for the bilateral trade agreement, which the two countries aim to sign by the end of 2025.</p>.<p>During his visit to Washington, Goyal is likely to hold talks with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and other officials, sources said.</p>.<p>During his week-long visit Goyal is likely to formally start the negotiations on a bilateral trade agreement, which was announced during Prime Minister Narendra Modi’s visit to the US in mid-February. Subsequently, the negotiation will be taken forward by the officials of the two sides.</p>.<p>The announcement for a new trade agreement was made following a meeting of Prime Minister Modi with US President Donald Trump in Washington on February 13.</p>.In Trump’s tariffs, an opportunity for India.<p>The two leaders have set a target to more than double bilateral trade to $500 billion by 2030. The total value of US-India goods trade stood at $129.2 billion in 2024.</p>.<p>Out of this, India’s exports to the US stood at $87.4 billion, while imports at $41.8 billion. During the year 2024, India recorded a trade surplus of $45.7 billion with the US, as per the US Trade Representative office data. The US is one of the few countries with which India has a trade surplus.</p>.<p>The two countries are set to start negotiations for a trade agreement amid President Trump’s growing pitch for imposition of reciprocal tariffs.</p>.<p>The Trump administration has announced imposition of reciprocal tariffs on several countries including India from early April. The US president has threatened to impose 25 per cent tariffs on imports from Canada and Mexico and 10 per cent additional duties on Chinese imports. A part of this is likely to be implemented from this week.</p>.<p>Imposition of reciprocal tariffs is likely to hit Indian exports especially in the sectors like chemicals, metal products, jewellery, automobiles, pharmaceuticals and food products. It is likely to result in a potential loss of $7 billion a year in India’s exports to the US, global broking firm Citi Research said in a note recently.</p>
<p>New Delhi: Commerce and Industry Minister Piyush Goyal on Monday embarked on an unscheduled visit to the US to initiate negotiations for the bilateral trade agreement, which the two countries aim to sign by the end of 2025.</p>.<p>During his visit to Washington, Goyal is likely to hold talks with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and other officials, sources said.</p>.<p>During his week-long visit Goyal is likely to formally start the negotiations on a bilateral trade agreement, which was announced during Prime Minister Narendra Modi’s visit to the US in mid-February. Subsequently, the negotiation will be taken forward by the officials of the two sides.</p>.<p>The announcement for a new trade agreement was made following a meeting of Prime Minister Modi with US President Donald Trump in Washington on February 13.</p>.In Trump’s tariffs, an opportunity for India.<p>The two leaders have set a target to more than double bilateral trade to $500 billion by 2030. The total value of US-India goods trade stood at $129.2 billion in 2024.</p>.<p>Out of this, India’s exports to the US stood at $87.4 billion, while imports at $41.8 billion. During the year 2024, India recorded a trade surplus of $45.7 billion with the US, as per the US Trade Representative office data. The US is one of the few countries with which India has a trade surplus.</p>.<p>The two countries are set to start negotiations for a trade agreement amid President Trump’s growing pitch for imposition of reciprocal tariffs.</p>.<p>The Trump administration has announced imposition of reciprocal tariffs on several countries including India from early April. The US president has threatened to impose 25 per cent tariffs on imports from Canada and Mexico and 10 per cent additional duties on Chinese imports. A part of this is likely to be implemented from this week.</p>.<p>Imposition of reciprocal tariffs is likely to hit Indian exports especially in the sectors like chemicals, metal products, jewellery, automobiles, pharmaceuticals and food products. It is likely to result in a potential loss of $7 billion a year in India’s exports to the US, global broking firm Citi Research said in a note recently.</p>