Piyush Goyal to lead delegation to US for key trade talks from May 17

NEW DELHI: Union minister Piyush Goyal will head to Washington from May 17, leading a delegation of senior Indian officials for talks with US counterparts regarding the proposed bilateral trade agreement (BTA), according to an official's statement on Tuesday.During the four-day visit from May 17 to 20, the Commerce and Industry minister is expected to meet with US Trade Representative Jamieson Greer and commerce secretary Howard Lutnick to discuss ways to advance the agreement.The talks come as both countries work toward an interim trade deal focused on goods to secure "early mutual wins" before finalising the first phase of the broader agreement by September–October this year.Chief negotiators from both sides will continue discussions from May 19 to 22. Key issues on the table include market access, rules of origin, and non-tariff barriers.The talks will address India's proposed retaliatory duties on select US products, responding to American tariffs on steel and aluminium. Officials from both capitals aim to utilise the 90-day tariff pause period to progress in negotiations.The US has temporarily suspended the additional 26 per cent tariffs on India until July 9, announced on April 2 to address the growing trade deficit. The standard 10 per cent baseline tariff remains applicable to the countries.Earlier in March, Goyal conducted bilateral meetings with Greer and Lutnick. Both nations have begun sector-specific discussions for the agreement, covering both tariff and non-tariff matters.India seeks duty reductions for labour-intensive sectors including textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas in the proposed US agreement.The US is pursuing duty concessions in sectors such as industrial goods, automobiles (particularly electric vehicles), wines, petrochemical products, dairy, agriculture items including apples, and tree nuts.The BTA's terms of reference, agreed upon by both nations, encompass 19 chapters addressing tariffs, goods, services, rules of origin, non-tariff barriers, and customs facilitation.The US has frequently expressed concerns about certain non-tariff barriers affecting American goods in Indian markets.The United States stands as India's largest trading partner, with bilateral trade reaching $129 billion in 2024. India maintains a trade surplus of $45.7 billion with the US.Goyal’s visit comes after US Vice President JD Vance’s trip to New Delhi last month and is part of renewed efforts to secure a trade deal that would help avoid US tariffs and strengthen ties with President Donald Trump’s administration.During Prime Minister Narendra Modi’s visit to the US in February, both countries agreed to work toward finalising the first phase of a trade deal by fall 2025, with a goal of boosting bilateral trade to $500 billion by 2030.