Union commerce minister Piyush Goyal-led Indian delegation had constructive talks with its US counterpart on various aspects of the bilateral trade deal between the two countries, a government statement said on September 26.
Both sides exchanged their views on the possible contours of the deal and agreed to continue its engagement with a target of reaching an early conclusion to a mutually beneficial trade deal, the statement said.
The statement comes soon after the US President Donald Trump inflicted further pain on Indian companies as he announced the imposition of 100 percent tariffs on branded and patented pharmaceutical products starting from October 1, 2025. However, the tariff will be exempted if the companies establish their manufacturing facilities in the US. Trump's new diktat has caused fresh pain for pharma stocks as both benchmark indices Nifty50 and BSE Sensex plunged on Friday.
The latest blow comes after Trump had announced new H-1B visa norms, which increased the application fee to a hefty $100,000, delivering massive headaches to Indian IT service companies.
Goyal-led trade delegation was on a visit to the US from September 22-24. The minister met United States Trade Representative Jamieson Greer and US Ambassador designate to India Sergio Gor, according to the statement.
Moreover, the Indian delegation also had several meetings with key US based businesses and investors for the promotion of trade and investment between New Delhi and Washington.
“The meetings with businesses and investors evoked positive response. The business leaders reposed confidence in the India growth story and expressed their desire to intensify their business activities in India,” the PIB statement said.
Goyal, accompanied by a delegation of senior ministry officials including Special Secretary and India's Chief Negotiator Rajesh Agrawal, is engaged in discussions covering both trade and non-trade issues with American counterparts.
The commerce minister met Stephen A Schwarzman, chairman, CEO, and co-founder of Blackstone, and they discussed the firm's investment plans in India, reflecting continued global investor confidence in the Indian economy.
He also met Raj Subramaniam, President & CEO of FedEx, to explore collaborative opportunities in India's rapidly expanding logistics sector and its growing role in global supply chains.
The US has already imposed a 50 percent tariff on Indian goods, including a 25 percent tariff for purchasing Russian crude oil.
With agency inputs
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