‘Fair, equitable, balanced’: Piyush Goyal’s requirements from a trade deal with the U.S.

India and the U.S. share an equal commitment towards expanding trade and commerce between the two countries, Commerce and Industry Minister Piyush Goyal said, while adding that there could be “good news” on a trade deal once it becomes “fair, equitable, and balanced”.

The Hindu had reported on November 17, citing a senior official in the Ministry of Commerce and Industry, that the first tranche of a trade deal with the U.S., dealing with the reciprocal tariffs, was near completion.

“Negotiation is a process and India as a nation has to secure its interests, and the interests of its stakeholders, businesses, and balance it with our sensitivities, our farmers, fishermen, and small industries,” Mr. Goyal said while speaking at the 22nd Indo-U.S. Economic Summit organised by the Indo-American Chamber of Commerce.

“And when we find the right balance, you can rest assured, we will get outcomes on this score,” he added.

The Minister highlighted the signing of a term contract for the import of 2.2 million tonnes per year of LMG from the U.S. as a sign of the “strong bond” between India and the U.S.

“They see India as a trusted partner,” Mr. Goyal asserted. “We are both equally committed to working to expand trade and commerce between the two countries. When the deal becomes fair, equitable, and balanced, you will hear good news.”

The Minister’s statements come on the back of a resumption of formal trade talks with the U.S. following a pause of 1.5 months due to the U.S.’ imposition of 50% tariffs on imports from India.