Piyush Goyal, US commerce secretary discuss proposed trade pact

Commerce Minister Piyush Goyal (R) with US Commerce Secretary Howard Lutnick. Pic/X@PiyushGoyal

Commerce and Industry Minister Piyush Goyal on Friday met US Commerce Secretary Howard Lutnick in Washington, their second meeting within a week, to discuss the proposed bilateral trade agreement currently under negotiation between the two countries.

"Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people," Goyal said in a post on X.

The meeting assumes significance as both the countries are looking at finalising an interim trade pact by July 9, the day America's 90-day suspension of reciprocal tariffs on Indian goods comes to an end. To boost bilateral trade, India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas in the proposed pact with America.

On the other hand, the US wants duty concessions in sectors like certain industrial goods, automobiles, wines, petrochemical products, dairy, and agriculture items.
Both countries have fixed a deadline to conclude the first phase of the pact by fall (September-October) of this year.

July 9
Proposed date for finalising interim trade pact

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