Commerce and Industry Minister Piyush Goyal on Thursday said he met Howard Lutnick and Sergio Gor to discuss ways to expand trade and economic ties between the two countries. 

“Hosted US Secretary of Commerce @HowardLutnick & @USAmbIndia Sergio Gor. Engaged in very fruitful discussions to expand our trade and economic partnership,” Goyal said in a post on social media platform X. 

The meeting assumes significance as India and the US are in the process of finalising the legal text for the first phase of a proposed bilateral trade agreement. 

Talks come against the backdrop of a recent ruling by the US Supreme Court 

The discussions also come against the backdrop of a recent ruling by the US Supreme Court striking down sweeping tariffs imposed by US President Donald Trump. Following the order, the US has imposed a 10% tariff on all countries for a period of 150 days. 

Earlier this week, Goyal said India would resume trade negotiations with the US “as soon as” there is greater clarity on the tariff situation. 

“As soon as there’s more clarity in the situation,” he said when asked about the timeline for restarting trade talks. 

On February 22, India and the US decided to reschedule a proposed meeting between their chief negotiators, originally set to be held in Washington this week to finalise the interim trade pact. The Indian delegation was scheduled to begin a three-day round of discussions in the US from February 23. 

Responding to a query on easing foreign investment curbs under Press Note 3 to attract investments from countries such as China, Goyal said the government is in discussions with industry stakeholders to better understand their concerns. 

He added that the ministry could consider facilitating greater engagement with neighbouring countries where bilateral relations have improved. 

Under Press Note 3, investments from countries sharing land borders with India, including China, require mandatory government approval across sectors. 

US imposed countervailing duty of up to 126% on Indian solar exports 

Meanwhile, in a move that may further complicate efforts towards a bilateral trade agreement between New Delhi and Washington, the US on Wednesday imposed countervailing duty of up to 126% on Indian solar exports. The action follows a review by the US Commerce Department, which concluded that Indian manufacturers benefited from state support that allowed them to price their products below US-made alternatives.  

Similar measures have also been announced against other exporting nations, with preliminary duties ranging from 86% to 143% on imports from Indonesia and 81% on shipments from Laos.