US Ambassador to India Sergio Gor has officially confirmed that Commerce and Industry Minister Piyush Goyal will visit the United States for the G20 Trade Ministers' Meeting and to discuss India-US bilateral trade deal negotiations. As reported by NDTV Profit, Gor stated that "It's great to be with my good friend, the Commerce Minister. The United States and India are working very closely together; a lot is happening. The Minister will be travelling for the G20 meetings, just in a few weeks, in the United States." This confirmation comes after earlier reports that Goyal was set for the US visit at the end of September as India eyes to finalise the trade deal. The G20 meetings will be held later this month, providing a crucial platform for high-level bilateral discussions.
Commerce and Industry Minister Piyush Goyal has confirmed that India will finalise its proposed trade deal with the US once Washington gives Indian exporters a preferential tariff advantage over competing countries. Speaking at the National Workshop on Leveraging FTAs Outreach programme on Thursday, Goyal stated that "As soon as the US gives us preferential edge, we'll finalise the BTA and announce the trade deal." According to NDTV Profit, Goyal emphasised that India's tariff rates under trade agreements would have to be either better than those available to competitors or reduced to zero. The comments come as India and the US continue to work on the broader Trade Agreement, with Goyal previously stating that the agreement is largely settled, with the key remaining issue being a mechanism to ensure Indian exporters retain a competitive advantage over rival economies. As per The Times of India, Goyal reiterated this position on Thursday, stating "As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details."
India's export performance has shown remarkable strength, with exports standing at $317 billion between April and July, higher than the corresponding period last year. As reported by NDTV Profit, Goyal expects exports to accelerate further around Christmas and peak in the final quarter. The government is targeting $2 trillion in exports by 2030, underscoring its push to expand India's presence across global markets. For India, the tariff advantage is particularly important as exporters compete with manufacturing hubs such as Vietnam and other Asian economies for access to the US market.
The meeting will focus on recent trade trends, sector-wise performance of India-US trade, and recent developments in bilateral trade. According to Business Standard, sectors expected to be represented include pharmaceuticals, engineering, textiles, agriculture, chemicals, marine products, leather, automobiles, auto components, handicrafts, and plastics. Industry chambers CII, FICCI, Assocham and FIEO are also likely to participate in the deliberations. The engagement comes as both countries work to strengthen trade cooperation, with recent diplomatic initiatives highlighting the importance of bilateral trade relations.
The tariff advantage vis-a-vis countries including Sri Lanka, Bangladesh, Thailand, Cambodia, Vietnam, Indonesia and Malaysia will provide price competitiveness to Indian goods in the American market. According to Business Standard, India's exports to the US include electrical machinery and telecom instruments, generic medicines, diamonds, industrial boilers, and cotton textiles, while imports include crude petroleum, liquefied natural gas, coal, metallurgical scrap, precious stones, electronics, and aerospace equipment. Meanwhile, Goyal announced that the India-New Zealand and India-EU FTAs would soon become operational, potentially opening additional market-access opportunities for Indian businesses. He also stressed that India would not become a conduit for transshipment, saying the country would not engage in illegal practices to boost exports.
