- India and the U.S. are working to finalise a bilateral trade pact keeping in view changed global economic and geopolitical circumstances. - Commerce and Industry Minister Piyush Goyal emphasized the need for a pragmatic and forward-looking trade framework that protects domestic economic interests while strengthening bilateral ties. - The discussions factor in shifts towards protectionism, global supply chain diversification, and evolving trade policies in both nations. - **Ministry of Commerce and Industry:** The central government department responsible for formulating and implementing foreign trade policy, regulating domestic commerce, and fostering industrial growth and investment in India. **Introduction** Union Commerce and Industry Minister Piyush Goyal stated that India and the U.S. are looking to finalise a bilateral trade pact while taking into account changed global circumstances, highlighting strategic economic alignment, supply chain resilience, and navigating shifting global trade protectionism. **Core Issue and Detailed Points** - India and the U.S. are working to finalise a bilateral trade pact keeping in view changed global economic and geopolitical circumstances. - Commerce and Industry Minister Piyush Goyal emphasized the need for a pragmatic and forward-looking trade framework that protects domestic economic interests while strengthening bilateral ties. - The discussions factor in shifts towards protectionism, global supply chain diversification, and evolving trade policies in both nations. **Key Statutory Bodies, Acts & Concepts** - **Ministry of Commerce and Industry:** The central government department responsible for formulating and implementing foreign trade policy, regulating domestic commerce, and fostering industrial growth and investment in India.