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India-US Trade Deal Talks Accelerate Amid Russian Oil Pressure, Says Goyal
M
Moneycontrol•22-09-2026, 13:57
India-US Trade Deal Talks Accelerate Amid Russian Oil Pressure, Says Goyal
- •Commerce Minister Piyush Goyal stated that India-US trade negotiations are progressing rapidly and positively.
- •The ongoing discussions aim to finalize a Bilateral Trade Agreement between India and the United States.
- •India's merchandise exports showed strong growth, with a 17.8% year-on-year increase to $215.91 billion from April-August.
- •The US remains India's largest export market, with shipments increasing to $42.79 billion in April-August.
- •New US legislation grants the President power to impose tariffs on countries purchasing Russian oil, a move India is studying and has warned could impact bilateral ties.
Key Questions Answered
Commerce and Industry Minister Piyush Goyal stated on September 22 that trade negotiations between India and the United States are moving fast and in a good direction as both nations work on a Bilateral Trade Agreement.
US President Donald Trump signed legislation on September 18 granting the president authority to impose tariffs of up to 100 percent on goods from major purchasers of Russian oil or gas, prompting India to study its implications.
India's goods shipments to the United States increased to $42.79 billion between April and August, up from $40.39 billion during the same period a year earlier, keeping the US as India's largest export market.
