Piyush Goyal meets US official in New York for trade talks; what we know so far

Union Commerce Minister Piyush Goyal met with United States Trade Representative Jamieson Greer in New York on Monday amid efforts to fast-track bilateral trade negotiations.

Both sides are hopeful the talks could help New Delhi and Washington reach a trade agreement, building on the recent positive interactions between Prime Minister Narendra Modi and US President Donald Trump, reported Hindustan Times, citing people aware of the development.

Third meeting in 2025

The meeting, the third such encounter between Goyal and Greer this year, came on the heels of recently concluded daylong talks in New Delhi between US Chief Negotiator Brendan Lynch and his Indian counterpart Rajesh Agrawal on a proposed bilateral trade agreement.

Lynch’s visit was the first by a senior US official since the sixth round of negotiations scheduled for August 25 in New Delhi was postponed amid a tariff escalation.

Positive outlook on trade deal

The commerce ministry had earlier stated that discussions during Lynch’s visit were positive, with both sides agreeing to work towards “an early and mutually beneficial conclusion” of the trade deal.

The talks are particularly significant as the US has imposed a steep 50% tariff on Indian goods, including an additional 25% penalty linked to India’s purchase of Russian crude oil.

India was among the first countries to initiate trade negotiations with the US in February 2025, engaging in five rounds of talks between March and July. While technical teams finalised most of the framework by June, the negotiations hit roadblocks over market access for US agricultural products, tariff reciprocity, and unresolved World Trade Organisation cases.

Despite an escalation in rhetoric from Washington in August, recent weeks have seen a marked diplomatic turnaround.

President Trump and Prime Minister Modi have made multiple positive statements signalling a thaw in ties.

Resolution expected within weeks

Chief Economic Adviser V. Anantha Nageswaran said last week that India expects a resolution to the trade dispute within eight to ten weeks.

“Underneath the surface, conversations are going on between the two governments,” Chief Economic Adviser told an interactive session organised by the Bharat Chamber of Commerce. “My hunch is that in the next eight to ten weeks, we will likely see a solution to the tariffs imposed by the US on Indian goods.”

The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).

The US accounts for about 18% of India's total goods exports, 6.22% in imports, and 10.73% in the country's total merchandise trade.

External Affairs Minister S Jaishankar on Monday met with US Ambassador to India-designate Sergio Gor on the margins of the United Nations General Assembly session.

“They look forward to further promoting the success of the US-India relationship,” the State Department Bureau of South and Central Asian affairs said.

Earlier in the day, Jaishankar met US Secretary of State Marco Rubio and discussed a range of bilateral and international issues of "current concern".

The meeting at Lotte New York Palace on the sidelines of the 80th session of the UN General Assembly is the first face-to-face interaction between them following Trump's imposition of an additional 25% tariff on India for Delhi's purchases of Russian oil.

"Good to meet @SecRubio this morning in New York. Our conversation covered a range of bilateral and international issues of current concern. Agreed on the importance of sustained engagement to progress on priority areas. We will remain in touch," Jaishankar said on social media.