Commerce and Industry Minister Piyush Goyal on Tuesday indicated that India could soon announce “good news” regarding the proposed trade agreement with the United States, once the deal is “fair, equitable and balanced.”
He emphasized that the interests of farmers and fishermen will be safeguarded in the agreement.
“Negotiation for a trade agreement is a process and India as a nation has to secure the interests of farmers, fishermen and small industry,” Goyal said at the Indo-US Economic Summit, organised by the Indo-American Chamber of Commerce.
He added, “…India as a nation has to secure its interests. Have to secure the interests of our stakeholders, businesses and balance it with our sensitivities with the farmers, with the fishermen, with small industries. When we find the right balance, rest assured we will get outcomes on this… When the deal will become fair, equitable and balanced, you will hear good news,” he said.
India and the US have been negotiating the proposed bilateral trade agreement since March, completing six rounds of talks so far.
Goyal reassured that there is no reason for concern regarding the bilateral relationship between the two countries.
“Parivaar mein kabhee kabhee thodee bohot nok-jhok toh hotee rahatee hai (sometimes there is a bit of bickering in the family also),” he said, adding, “I do not believe there is any hiatus in the relationship. It continues to be very very important, very strategic for both countries.”
He also hinted that the recently signed LPG import deal with the US could be a multi-year agreement, reflecting the enduring friendship and growing partnership between the two nations.
“In fact we just signed a major LPG agreement for importing over a long period of time every year 2.2 million tonnes per annum of LPG. So it is an ongoing process. We both (India and the US) are equally committed to expand trade and commerce between the two countries,” Goyal said.
The negotiations are particularly significant as relations had been strained following the Trump administration’s imposition of a 50 per cent tariff on Indian goods, including a 25 per cent additional import duty on Russian crude oil.
The proposed trade pact aims to more than double bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion. The US is seeking greater access to Indian markets for products such as almonds, pistachios, apples, ethanol, and genetically modified commodities.
In 2024-25, the US remained India’s largest trading partner for the fourth consecutive year, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion in exports). It accounts for roughly 18 per cent of India’s total goods exports, 6.22 per cent of imports, and 10.73 per cent of the country’s total merchandise trade.