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New Delhi [India], May 6 (ANI): Union Commerce and Industry Minister Piyush Goyal announced on Tuesday that bilateral trade discussions between India and the United States are progressing steadily and positively. Speaking at the Columbia India Energy Dialogue in New Delhi, Goyal emphasized the growing synergy between the two nations, calling their economic relationship “totally complementary.”
“Conversations with the US are going extremely well. We were the first to initiate them, and they’re moving progressively in the right direction,” Goyal stated. He underscored that while the US and India rarely compete in the same product spaces, the trade relationship benefits both economies. “At USD 83,000 per capita income, what the US can produce can never compete with Indian goods made in India,” he noted, highlighting India’s interest in US technologies and innovations.
The minister projected that this “win-win” partnership will play a defining role in the years ahead, especially as India aims to grow its economy from USD 4 trillion to USD 35 trillion by 2047. India and the US are working toward finalizing a bilateral trade agreement (BTA) by fall 2025.
Trade figures from 2024–25 show India’s exports rising by 11.6% to USD 86.5 billion, while imports increased by 7.4% to USD 45.3 billion, resulting in a trade surplus of USD 41 billion. The US typically imposes reciprocal tariffs on countries with significant trade surpluses.
During their February 2025 meeting, President Donald Trump and Prime Minister Narendra Modi committed to expanding trade and investment, launching “Mission 500” — a bold initiative to more than double bilateral trade to USD 500 billion by 2030. The leaders emphasized promoting growth, national security, and resilient supply chains.
Goyal also addressed the European Union’s proposed carbon tax, warning that India would retaliate if the tax is imposed. “If they do put it in, we will retaliate. The retaliation will target products that hurt their economy,” he said, expressing hope that European nations will reconsider and avoid targeting friendly countries like India.
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