NEW DELHI: Commerce Minister Piyush Goyal on Friday called his discussion with US Trade Representative Jamieson Greer a “forward-looking” step toward a mutually beneficial bilateral trade agreement, setting the stage for a major economic shift between the two nations.
Goyal, who was in the US last week, took to X (formerly Twitter) to share a photo from the meeting, emphasizing that India’s approach would be rooted in ‘India First,’ ‘Viksit Bharat,’ and the comprehensive strategic partnership between the two nations.
The meeting follows US President Donald Trump and Prime Minister Narendra Modi’s commitment to negotiating the first phase of a Bilateral Trade Agreement (BTA) by fall 2025. Both leaders have designated senior representatives to accelerate these talks, underscoring their intent to strengthen economic ties.
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‘Mission 500’: A bold new target
During their recent discussions, Modi and Trump set an ambitious goal—doubling total US-India bilateral trade to $500 billion by 2030, dubbed ‘Mission 500.’ The two leaders framed the initiative as a pathway to boosting prosperity, strengthening national economies, and making supply chains more resilient.
President Trump, now in his second term, has maintained his tough stance on trade fairness, emphasizing tariff reciprocity—a policy where US tariffs will mirror those imposed by trade partners, including India. Washington has long argued that India maintains some of the highest tariffs globally, a concern that could become a sticking point in negotiations.
US Trade Secretary Howard Lutnick recently acknowledged the complexities of the trade relationship, advocating for a broad-based trade agreement rather than product-specific negotiations. Speaking virtually at the India Today Conclave, Lutnick called for “understanding and cooperation” to craft a deal that benefits both sides.
As trade negotiations progress, both nations must navigate sensitive issues, including tariffs, market access, and national security concerns. With the 2025 deadline set, all eyes will be on how India and the US balance their economic priorities while forging a deal that could reshape global trade dynamics.