The Commerce Ministry will convene a meeting on September 1 with industry associations and export promotion councils to discuss India-US trade performance. According to reports from Business Standard, the meeting will be chaired by Additional Secretary Darpan Jain, who also serves as the country's chief negotiator for the India-US bilateral trade agreement. This deliberation comes as Commerce and Industry Minister Piyush Goyal prepares to visit the US in late September to attend the G-20 Trade Ministerial in Milwaukee and hold bilateral talks with USTR Jamieson Greer. The meeting has gained additional significance following recent high-level diplomatic engagements, with Commerce Secretary Shri Rajesh Agrawal meeting Ms. Paula Estévez Weinstein, Vice-Minister of International Relations during the State Visit of Prime Minister Narendra Modi to Uzbekistan. During this visit, Prime Minister Modi was conferred with the 'Oliy Darajali Do'stlik' Order, Uzbekistan's highest honour for foreign leaders, highlighting the strengthening of bilateral relations.
India's trade relationship with the US showed mixed results in 2025-26, with exports growing marginally to USD 87.31 billion from USD 86.51 billion in the previous fiscal year. As reported by Business Standard, imports surged by 17.16% to USD 53.45 billion in the last fiscal year from USD 45.62 billion in 2024-25. Total trade increased by 6.53% to USD 140.76 billion in 2025-26 from USD 132.2 billion in 2024-25. However, India's trade surplus declined to USD 33.9 billion in the last fiscal year, down from USD 40.9 billion in 2024-25. The latest trade data shows exports rising 3% to USD 34.5 billion while imports grew 22.42% to USD 22.12 billion during April-July 2026-27.
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.
India and the US are currently negotiating a bilateral trade agreement, with both sides announcing the finalisation of the framework for the first phase of the pact in February. As reported by Business Standard, changes in the US tariff landscape have led to further negotiations between the two countries on the agreement. Recently, Goyal stated that the first tranche of the bilateral trade agreement will come into operation as soon as the United States is able to ensure that India gets a comparative advantage over its competitors. The US has imposed an additional 10% tariff on a number of countries, including India, from July 24. The ministry's consultations with exporters are therefore expected to provide an assessment of the impact of current tariff conditions and sector-specific concerns ahead of the next round of high-level India-US discussions.
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. The recent diplomatic engagements and trade discussions underscore the strategic importance of maintaining and strengthening these bilateral trade relationships.
