Goyal will visit the US this month for trade talks, says US Ambassador Gor | Today’s news
NEW DELHI: Commerce and Industry Minister Piyush Goyal will visit the US later this month to discuss a proposed trade deal between the world’s largest economy and the world’s most populous country, US Ambassador to India Sergio Gor said on Wednesday.
Trade between the two countries needs to deepen, Gor said at an event organized by the Automobile Components Manufacturers Association of India (Acma) in the national capital.
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“Our two governments are working closely together to build a trade relationship that is fair, reciprocal and mutually beneficial. And I don’t know if it’s public yet, but Minister Goyal will be traveling to the United States at the end of the month to continue engagement as we host the G20,” Gor said.
India and the US began talks on a Bilateral Trade Agreement (BTA) in February 2025, with Prime Minister Narendra Modi and President Donald Trump formally announcing the talks. The deal has yet to be concluded. Bilateral trade between the two countries stood at $140.76 billion in fiscal year 2026 (FY26).
Gor said the US and India also cooperate in a wide range of areas, including critical minerals and technology. “Our two nations collaborate on virtually everything under one roof. Just this year, our two countries signed the Pax Silica Declaration, a major step toward a pro-innovation regulatory framework. This declaration will make it easier for Indian and American companies to invest across borders and empower the next generation of entrepreneurs,” he said.
India was among the first countries invited to join the US-led Pax Silica initiative, Gor said. “It’s because we trust India, it’s because we want to work with India,” he added.
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Critical minerals
Speaking at the same event, Goyal said that India is actively participating in the US-led Pax Silica initiative on critical mineral supply chains. He said both countries are committed to preventing either nation from dominating these supply chains.
“We are talking to some countries to work with and partner to promote critical minerals processed and developed for our requirements. We are also a member of their critical minerals partnership with the US, we are active in the Pax Silica group that they have formed,” Goyal said on the sidelines of the event.
India is also in talks with trading partners in the UK and the European Union to build more resilient supply chains, Goyal said.
Pax Silica, a Washington-led strategic initiative to secure the global silicon supply chain in the era of artificial intelligence (AI), builds on earlier US-led efforts such as the Mineral Security Partnership 2022 and the more recent Quad Critical Minerals Initiative.
The grouping includes the US, Japan, South Korea, Singapore, the Netherlands, Israel, the United Arab Emirates, the United Kingdom, Australia and India. Each nation is expected to contribute “significant strengths” across areas ranging from critical minerals and advanced manufacturing to semiconductor capabilities, artificial intelligence innovation and deep industrial ecosystems, according to the US government.
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The US is the largest market for India’s auto component exports, accounting for just over a quarter of the $24 billion total auto component exports in FY26. However, Indian exporters faced steep US tariffs in 2025.
Goyal also defended India’s 7.8% GDP growth for the April-June quarter, announced on September 1, after a former senior government official and opposition parties questioned the strong pace of expansion. He said the growth rate reflects the efforts of 1.4 billion Indians.
