Commerce and Industry Minister Piyush Goyal said on Tuesday that India and the United States are close to concluding their long-discussed bilateral trade pact, but stressed that any final agreement will only be announced when it is “fair, equitable, and balanced.”
Speaking at the Indo-U.S. Economic Summit hosted by the Indo-American Chamber of Commerce, he said the government would not compromise on the interests of domestic sectors, particularly farmers, fishermen, and small industries.
“You will hear good news when the deal becomes fair, equitable, and balanced,” Goyal told delegates, adding that negotiations involve detailed assessments of how each commitment may affect vulnerable sectors. India and the U.S. have held six rounds of talks since March in an effort to seal the first phase of a bilateral trade agreement.
Goyal said tariff levels should not be viewed in isolation and argued that India’s objective is to secure a strategic advantage over competing exporters. “The important thing is not the amount of tariff. The important element will be what comparative advantage India will have over its competitors,” he said.
He also reiterated that tariffs imposed by Washington, including a 25% penal duty linked to India’s purchases of Russian energy, are ultimately paid by American consumers rather than Indian businesses.
India aims to double its goods and services trade with the United States to $500 billion by 2030, which Goyal described as realistic within the broader goal of reaching $2 trillion in global trade. “It is not a question of big or small,” he said. “Wherever we get a good deal, a fair deal, an equitable deal, India will be ready to put its signature on paper.”
Goyal added that several other negotiations are advancing in parallel, including discussions with the European Union, Oman, New Zealand, and Chile. He said India is now negotiating on equal terms with developed economies, asserting that the country intends to sit at the ‘high table’ of global trade as it moves toward its Viksit Bharat 2047 vision.
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