Piyush Goyal says India–US Trade Deal nears fair balance; promises ‘very good news’ soon
New Delhi – India and the United States moved closer to a balanced trade deal on Tuesday. Union commerce minister Piyush Goyal made this clear while addressing the 22nd Indo-US Economic Summit. He told members of the Indo-American Chamber of Commerce that India wants a fair, equitable, and mutually beneficial agreement. He added that once both sides reach that point, the nation will “hear very good news.”
The minister set the tone early in his speech. He emphasised that India and the US continue to share a strong strategic bond. He dismissed speculation about tension between the trading partners. He said he saw no gap, no pause, and no disruption in the relationship. Instead, he described the partnership as deep, steady, and vital for both countries.
His remarks followed US President Donald Trump’s recent comment. Last week, Trump said negotiations were “progressing well” and highlighted efforts to shape a deal “much different than in the past.” His statement fuelled optimism in both capitals.
Goyal built on that optimism. He said both sides moved ahead in the first phase of the Bilateral Trade Agreement through frequent virtual discussions. He noted that trade forms only one part of the larger relationship. He pointed to the new 10-year defence pact between India’s defence ministry and the US Department of War. He said the agreement shows the strong strategic alignment between the two democracies.
To explain the engagement, he used a simple analogy. He said arguments in negotiations resemble minor disputes within a family. These disagreements, he argued, strengthen bonds when handled with maturity and fairness.
Goyal then turned to domestic concerns. He said India must protect farmers, fishermen, small industries, and other stakeholders. He insisted that India seeks balance, not compromise. He assured the audience that once India safeguards every interest, both sides will move quickly toward a final agreement.
He reaffirmed the long-standing India–US partnership. He praised the shared values of democracy and diversity. He stressed that both economies trust each other and want more trade. He also highlighted a major new LPG agreement. India will import 2.2 million tonnes per year from the US for several years. He said the deal shows deep energy cooperation between the two nations.
Goyal then shifted focus to India’s economic performance. He said India has transformed from one of the “Fragile Five” into a top global economy within a decade. He projected that India will become the world’s third-largest economy by 2027. He credited strong banking systems, low inflation, fiscal discipline, and rapid infrastructure expansion for this performance.
He said the Indian economy doubles every eight years on average. He projected that India aims to reach a $30–35 trillion size by 2047. He highlighted market stability during global volatility. He noted that India’s stock market grew more than four-and-a-half times in eleven years. He said over 2,000 Global Capability Centres operate in India, and many belong to US corporations.
Toward the end, he pointed to government support for innovation. He mentioned the newly launched second Fund of Funds for Startups worth ₹10,000 crore. He also referred to a ₹1 lakh crore research and innovation fund. He concluded by saying India stands ready for deeper cooperation with the US, in trade and beyond.
