India’s Trade Priorities Take Center Stage as Piyush Goyal Emphasizes ‘India First’ Approach in US negotiations
US and India in Talks to Strengthen Bilateral Trade Agreement, with "India First" at the Forefront
Commerce Minister Piyush Goyal recently met with US Trade Representative Jamieson Greer to discuss a potential bilateral trade agreement between the two nations. Goyal emphasized that India’s approach will be guided by "India First," "Viksit Bharat," and the Comprehensive Strategic Partnership. This development follows a meeting between US President Donald Trump and Indian Prime Minister Narendra Modi, who had resolved to deepen the US-India trade relationship to promote growth, fairness, national security, and job creation.
The leaders set a bold goal, dubbed "Mission 500," to increase bilateral trade from its current $250 billion to $500 billion by 2030. This ambitious target is contingent upon negotiating a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by 2025. US Commerce Secretary Howard Lutnick has indicated a willingness to negotiate a comprehensive trade agreement, considering the entire trade relationship rather than individual products.
However, India has made it clear that it will not compromise on its national interests. Commerce Secretary Sunil Barthwal reassured the Parliamentary Standing Committee on External Affairs that India has not committed to reducing tariffs on imported US goods. Barthwal emphasized that negotiations are ongoing, and no trade agreement has been finalized. He stressed that India’s interests will be prioritized, and the country will not lower tariffs indiscriminately, especially in crucial sectors.
The development comes against the backdrop of the "America First" policy, which has the potential to disrupt global trade. Trump has accused trading partners of unfair practices, threatening to impose punitive tariffs on a large scale. He has also criticized India for levying significant tariffs on US goods. India’s stance on tariff reductions will be key in determining the success of this bilateral trade agreement.
The ongoing negotiations between the two countries are expected to shape the future of their trade relationship, with both sides jostling to strike a balance between their national interests and global trade goals. As the talks progress, it remains to be seen whether India will be able to maintain its stance and negotiate a deal that prioritizes its national interests while promoting trade and economic growth.
Original Source: https://theshillongtimes.com/2025/03/14/our-approach-is-india-first-in-trade-talks-with-us-says-piyush-goyal/
Category : Economy,INTERNATIONAL,NATIONAL,News Alert
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Publish Date: 2025-03-14 20:50:00
