India–US bilateral trade: India’s much-anticipated bilateral trade agreement (BTA) with the United States is “well on track,” Union Commerce and Industry Minister Piyush Goyal said on Thursday, May 29. Addressing reporters at the CII Annual Business Summit 2025, Goyal emphasised that recent developments surrounding former US President Donald Trump’s tariffs are “internal matters” of the United States. “India doesn’t interfere or comment on the internal matters of other countries. It is for them to take decisions on their domestic issues,” he stated.
Goyal highlighted that Prime Minister Narendra Modi and President Donald Trump reaffirmed their commitment to a multi-sectoral BTA during their meeting in February. “India wants to build robust trade ties with developed nations to create new opportunities for our farmers, engineers, and startups,” he added.
India-US trade talks to resume next week
A team of US trade negotiators is set to arrive in New Delhi next week, marking a key step in finalising an interim trade agreement between the two countries. The delegation is expected between June 5 and 6, a senior Indian official confirmed. The goal is to wrap up the deal by the end of June, with India hoping to avert a looming 26% tariff hike on its exports to the US—announced by former President Donald Trump under his reciprocal tariff plan on April 2.
The upcoming visit follows Commerce and Industry Minister Piyush Goyal’s trip to the US last week, where he met US Commerce Secretary Howard Lutnick twice to provide political direction to the ongoing negotiations.
Rakesh Agrawal, Special Secretary in the Commerce Department and India’s chief negotiator, expressed optimism about the progress. “We are progressing well, and hopefully in these tough times also, we will be able to navigate and come out with good outcomes sooner than later,” he said.
India sees the interim trade pact as a vital boost to its struggling goods exports. A recent Finance Ministry report highlighted that a deal with the US could transform current trade headwinds into growth-supporting tailwinds.
Agrawal stressed the complementary nature of India–US trade ties. “This can actually be a defining partnership,” he said, adding that India’s large and growing market, combined with its manufacturing base producing $500 billion in annual Gross Value Addition, offers a unique global proposition.