India-US Trade Negotiations Progress: Piyush Goyal Promises Good News When Deal Meets Fair and Balanced Criteria

Commerce and Industry Minister Piyush Goyal stated on Tuesday that positive developments regarding the proposed India-US trade agreement would be announced once a fair, equitable, and balanced deal is reached.

During the Indo-US Economic Summit organized by the Indo-American Chamber of Commerce in New Delhi, Goyal emphasized that India must protect the interests of its farmers, fishermen, and small industries in any agreement.

"India as a nation has to secure its interests and the interests of our stakeholders and businesses while balancing our sensitivities toward farmers, fishermen, and small industries," Goyal remarked. "When we find the right balance, rest assured we will get outcomes on this. When the deal becomes fair, equitable, and balanced, you will hear good news."

India and the United States have been engaged in negotiations for the bilateral trade agreement since March, with six rounds of talks completed thus far.

Goyal reassured that there is no cause for concern regarding bilateral relations between the two countries. "Sometimes there is a bit of bickering in the family," he noted, adding, "I do not believe there is any hiatus in the relationship. It continues to be very important and strategic for both countries."

The minister also indicated that the LPG import deal with the US may extend over multiple years, highlighting that the friendship between the two nations is enduring and their partnership is continuously growing.

"We recently signed a major LPG agreement for importing 2.2 million tonnes per annum of LPG over a long period. It's an ongoing process. Both India and the US are equally committed to expanding trade and commerce between our countries," he added.

The trade pact negotiations have gained significance as relations between the two countries have been strained since the Trump administration imposed a steep 50 percent tariff on Indian goods, including a 25 percent additional import duty for purchasing Russian crude oil.

The proposed agreement aims to more than double bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

The US is seeking greater market access for various products including almonds, pistachios, apples, ethanol, and genetically modified commodities.

For the fourth consecutive year in 2024-25, the United States remained India's largest trading partner, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion in exports). The US accounts for approximately 18 percent of India's total goods exports, 6.22 percent of imports, and 10.73 percent of the country's total merchandise trade.