Goyal Signals Imminent Progress On India–US Trade Pact, Stresses Need for ‘Fair And Balanced’ Deal

Commerce and Industry Minister Piyush Goyal on Tuesday indicated that progress on the long-discussed India–US trade pact may soon be visible, stressing that an announcement will come “when the deal is fair, equitable and balanced.” He reiterated that India will safeguard the interests of key domestic sectors, especially farmers and fishermen, as negotiations advance.

Speaking at the Indo-US Economic Summit hosted by the Indo-American Chamber of Commerce, Goyal emphasised that trade talks are inherently complex and require careful consideration of India’s priorities. “…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 United States have been engaged in discussions on a bilateral trade agreement since March, completing six rounds of negotiations so far. Goyal maintained that despite occasional disagreements, the broader relationship remains strong. Using a light-hearted metaphor, he remarked, “Parivaar mein kabhee kabhee thodee bohot nok-jhok toh hotee rahatee hai,” adding that he sees no “hiatus” in the partnership, which he described as “very very important, very strategic for both countries.”

He also suggested that the recently concluded LPG import arrangement with the US could extend over several years, underscoring the durability of the relationship. “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,” he noted.

The trade pact under discussion carries added significance given the tensions that emerged after the Trump administration imposed a steep 50 per cent tariff on Indian goods, along with an additional 25 per cent duty linked to India’s purchases of Russian crude oil. The proposed agreement seeks to help more than double bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

As part of the negotiations, the US is pressing for increased access for a range of its agricultural and bio-based products, including almonds, pistachios, apples, ethanol and genetically modified commodities.

The US continued to be India’s largest trading partner for the fourth year in a row in 2024–25, with bilateral trade valued at USD 131.84 billion. India exported USD 86.5 billion worth of goods to the American market, accounting for roughly 18 per cent of total exports, 6.22 per cent of imports, and 10.73 per cent of overall merchandise trade.

With PTI inputs