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Days after holding talks with his US counterpart in Washington, Union Commerce and Industry Minister Piyush Goyal has called a meeting with the export councils and trade representatives starting on Thursday, sources say.
According to the sources, the Union Minister Goyal, along with Commerce Secretary Sunil Barthwal, will comprehensively discuss the impact of US tariffs on Indian exports. Sources say the meeting will also discuss the widening of the trade deficit observed for the month of January. India's trade deficit widened to USD 22.00 billion in January of the current year, up from USD 16.56 billion in January 2024, as goods exports dipped 2.38 per cent year on year to USD 36.43 billion. This marks the third consecutive month of decline. Minister Piyush Goyal, on Saturday, returned from the US after holding talks with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick. Earlier in the month, on March 8, Prime Minister Narendra Modi and US President Trump agreed to push forward negotiations on a multi-sector Bilateral Trade Agreement (BTA). This mutually beneficial agreement, finalized in February 2025, aims to boost market access, reduce tariffs and non-tariff barriers, and enhance supply chain integration. To achieve this, both leaders decided to designate senior representatives to advance the negotiations. Following this, an Indian delegation led by Commerce and Industry Minister Goyal visited Washington from March 3 to 6, 2025, to meet with the US Commerce Secretary, the US Trade Representative, and their teams. These discussions are part of a broader effort to boost bilateral trade to USD 500 billion by 2030. The agreement will focus on various sectors, including energy, defense, and technology. Going further, the experts have also opined that the government is taking proactive steps to ease trade between both countries and facilitate the industry. Talking to ANI, Ajai Sahai, DG & CEO, FIEO, said, "I think it's a very proactive move by the government. We have followed the visit of the honorable Prime Minister with the visit of the honorable commerce minister. The visit of the honorable Prime Minister has already drawn a road map where we talked about the presidential tariff arrangement to be carved out by fall of May 2025; the commerce minister is already meeting the authorities concerned in the US." (ANI)
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