Piyush Goyal says India-US trade deal only if terms are fair and equitable

Commerce and Industry Minister Piyush Goyal on Tuesday (November 18) said that there will be “good news” on the proposed bilateral trade pact between India and the US only when the deal is equitable and fair, indicating that there will be no change in New Delhi’s position regarding safeguarding the interests of farmers and small domestic industries.

He said that India will also protect the interests of farmers and fishermen in the agreement. Speaking at the Indo-US Economic Summit, organised by Indo-American Chamber of Commerce in New Delhi, Goyal said that negotiation for a trade agreement is a process and India as a nation has to secure the interests of farmers, fishermen and small industry.

‘India will secure its interests’

"...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,” said Goyal.

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“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," he added.

The negotiations between India and the US over the trade deal have been going on since March. So far, six rounds of negotiations have been completed.

‘No hiatus in Indo-US ties’

Goyal asserted that there was no reason to be worried about the bilateral relations between the two countries, adding that there has been no hiatus in the Indo-US bilateral ties.

"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."

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Goyal also hinted that the LPG import deal with the US may be a multi-year agreement, saying the friendship between the two nations is enduring and the partnership ever-growing.

"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 expanding trade and commerce between the two countries," he added.

The backdrop

Talks on the proposed trade pact have gained significance as ties between the two countries remain strained following US President Donald Trump’s move to impose a 50 per cent tariff on Indian goods, along with an additional 25 per cent duty on imports linked to purchases of Russian crude oil.

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The pact seeks to raise bilateral trade to $500 billion by 2030, up from the current $191 billion. As part of the negotiations, the US is pushing for expanded market access for items such as almonds, pistachios, apples, ethanol and genetically modified products.

Despite this, the US continued to be India’s largest trading partner for the fourth straight year in 2024-25, with trade valued at $131.84 billion. US-bound exports stood at $86.5 billion, representing a share of India’s goods exports, while accounting for 6.22 per cent of imports and 10.73 per cent of total merchandise trade.

(With agency inputs)