Synopsis
Commerce Minister Piyush Goyal highlighted India's 'India First' approach during trade discussions with US Trade Representative Jamieson Greer, focusing on a Bilateral Trade Agreement. Both nations aim to enhance trade relations and target $500 billion in bilateral trade by 2030, while maintaining India's tariff policies.Key Takeaways
- Piyush Goyal emphasizes 'India First' in trade talks.
- Target of $500 billion bilateral trade by 2030.
- Ongoing negotiations with no tariff commitments made.
- Focus on comprehensive trade agreements rather than individual products.
- India prioritizes national interests in trade negotiations.
New Delhi, March 14 (NationPress) Commerce Minister Piyush Goyal stated on Friday that he had a forward-looking discussion with US Trade Representative Jamieson Greer regarding a mutually beneficial Bilateral Trade Agreement between India and the United States.
Goyal emphasized that the discussions would be driven by ‘India First’, ‘Viksit Bharat’, and the Comprehensive Strategic Partnership, sharing a photo from his meeting with Greer on X.
During his recent visit to the US, Goyal had met with Greer and US Commerce Secretary Howard Lutnick. This visit followed discussions between US President Donald Trump and PM Narendra Modi about initiating the first phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.
The leaders are committed to enhancing the US-India trade relationship to foster growth that prioritizes fairness, national security, and job creation. They have established an ambitious target for bilateral trade, known as “Mission 500”, which aims to more than double total bilateral trade to $500 billion by 2030.
US Trade Secretary Lutnick has expressed interest in negotiating a comprehensive trade agreement with India, focusing on the overall trade relationship instead of individual products.
In related news, the government has informed the Parliamentary Standing Committee on External Affairs that India has not agreed to lower tariffs on goods imported from the USA.
Commerce Secretary Sunil Barthwal clarified to the Parliamentary committee that negotiations between India and the US are ongoing and no trade agreement has been finalized.
This clarification came following US President Trump's assertion that India had agreed to significantly reduce its tariffs on US goods.
Barthwal stated: “One cannot go by the US President's claims and on media reports as the bilateral trade agreement talks between the two nations are still ongoing. India has not committed to anything on trade tariffs to the US.”
He further emphasized that India’s interests would be prioritized during trade negotiations.
Barthwal noted that while India is in favor of increasing bilateral trade with the USA, it would not haphazardly lower tariffs, especially in sectors vital to its domestic economy.
“India prefers to negotiate tariff reductions bilaterally rather than multilaterally to ensure national interests are upheld,” Barthwal informed the committee.
Trump’s 'America First' policy poses potential risks to global trade, as he has accused trading partners of engaging in unfair practices and has threatened to impose significant punitive tariffs. He has specifically criticized India for imposing high tariffs on US goods.
