Commerce and Industry Minister Piyush Goyal indicated progress on the proposed India–US trade agreement during a recent speech. However, he emphasized that India will only finalize the deal if it aligns with the country’s economic priorities.
Speaking at the Indo-US Economic Summit in New Delhi organized by the Indo-American Chamber of Commerce, Goyal mentioned that negotiations are advancing. Nonetheless, he stated that an official announcement will only be made when the terms are satisfactory and mutually advantageous.
Goyal reassured that positive news will be shared once the agreement is deemed fair, equitable, and balanced. He underscored India’s commitment to protecting the interests of local stakeholders, particularly farmers, fishermen, and small industries, throughout the negotiation process.
India and the United States have engaged in talks for a bilateral trade pact since March, conducting six rounds of negotiations. While progress has been noted by officials from both sides, certain sensitive areas such as market access, tariff structures, agricultural safeguards, and digital trade regulations require further deliberation.
Goyal’s remarks coincide with renewed efforts by both countries to bolster economic collaboration following the resolution of longstanding trade disputes at the World Trade Organization earlier this year. The business communities in India and the US are optimistic that a trade agreement could enhance clarity for exporters, alleviate tariff-related challenges, and stimulate investment inflows.
Despite the eagerness for a deal, Goyal emphasized that India is not in a hurry and will only proceed when the agreement reflects a balanced and fair partnership.