Piyush Goyal-led delegation held constructive trade talks with US

Union Commerce Minister Piyush Goyal, who led an Indian delegation to the United States held  “constructive meetings” with his American counterparts to push forward discussions on a bilateral trade agreement. Both sides exchanged views on the possible contours of the deal and agreed to continue engagement with the aim of reaching an “early conclusion” to a mutually beneficial pact, the Commerce Ministry said on Thursday.
The visit, which took place from September 22–24, came against the backdrop of fresh trade tensions after US President Donald Trump announced a 100% tariff on branded and patented pharmaceutical products imported from India, effective October 1, 2025. The tariff, however, will be waived if companies establish manufacturing facilities within the US. The announcement rattled Indian markets, with pharma stocks plunging and both benchmark indices, Nifty50 and Sensex, closing sharply lower on Friday.The move followed Trump’s earlier decision to raise the H-1B visa application fee to $100,000, a change that has already posed major challenges for India’s IT services industry.
During his visit, Goyal met US Trade Representative Jamieson Greer and US Ambassador-designate to India Sergio Gor. The Indian delegation also held several interactions with US-based businesses and investors to promote bilateral trade and investment.“The meetings with businesses and investors evoked a positive response. The business leaders reposed confidence in the India growth story and expressed their desire to intensify their business activities in India,” the government statement noted.Goyal was accompanied by senior officials including Special Secretary and India’s Chief Negotiator Rajesh Agrawal. The discussions covered both trade and non-trade issues, reflecting the comprehensive scope of India-US economic engagement.
On the sidelines of the talks, Goyal also met Stephen A. Schwarzman, Chairman, CEO, and Co-founder of Blackstone, to discuss the firm’s investment plans in India. The discussions reflected sustained global investor interest in India’s economic prospects.Additionally, Goyal held talks with Raj Subramaniam, President and CEO of FedEx, focusing on collaboration in India’s rapidly expanding logistics sector and its integration into global supply chains.The US has already levied a 50% tariff on Indian goods, including a 25% surcharge tied to India’s purchases of Russian crude oil. With the latest pharma tariff announcement, India faces fresh pressure on its key export sectors even as trade negotiations continue.

(Business Correspondent)