Commerce and industry minister Piyush Goyal on Tuesday signalled that the proposed India–US trade pact might soon reach a conclusion, but has was clear that a deal would be possible only when it is ‘balanced and fair’. The minister said, “When the deal will become fair, equitable and balanced, you will hear good news.““I don’t see any reason to be very worried. I don’t believe there is any hiatus in the relationship. It continues to be very important, very strategic for both the country, the United States and India,” he further added.
Speaking at the Indo-US Economic Summit organised by the Indo-American chamber of commerce, Goyal added that India would continue to safeguard the interests of key domestic sectors while talks progress. He noted that the negotiation process must account for the concerns of “farmers, fishermen and small industry,” adding that these priorities remain central to India’s approach.“A partnership which is as comprehensive as the Indo-US relationship has many elements and every element need not run at the same speed. Negotiations is a process and India as a nation has to secure its interest, has to secure the interest of our stakeholders, businesses and balance it with our sensitivities, with the farmers, with the fishermen, with the small industry. As and when we find the right balance, you can rest assured we will get outcomes.”The minister further added that even so, the friendship is “very enduring and the partnership is ever growing. So, we need not be worried.”“We stand on very strong pillars of democracy, very strong pillars of diversity and a very strong pillar of a shared commitment to development. The story of India-US relationship can be described as that of two trusted partners working for the shared prosperity, not only of both countries but of the entire world.”
Earlier on Monday, commerce secretary Rajesh Agrawal said that discussions are soon going on to close on a package which will include issues such as America’s market access to the country, and 25% reciprocal tariffs and the additional 25% oil duties.“We should get a closure soon”, the official added, pointing out that the negotiations have been ongoing virtually since the past months.He explained that the proposed agreement has two parts: an initial tranche focused on settling tariff-related matters, and a second, more detailed component that is expected to require a longer negotiation period. The pact was formally put forward in February following directions from the top leadership of both nations. Its goal is to push bilateral trade from the current $191 billion to $500 billion by 2030, building on discussions first outlined during PM Modi’s visit to Washington earlier this year. India and the US have been working on the trade agreement since March and have completed six rounds of negotiations so far.Goyal, had earlier said, “We are working for a good trade deal in the interest of India. We want a fair, equitable, and balanced trade deal with the US. If that happens, it could happen any day, tomorrow, next month, or next year. But as a govt, we are preparing for everything.” A senior official had also indicated that most of the negotiations were already wrapped up, suggesting that an additional round of talks might not be necessary.Trade has been a hot topic between the two countries after the US imposed an additional 25% tariff on Indian goods, effectively raising the overall duty to 50%. Washington introduced the higher levy citing India’s continued purchase of Russian crude, which it argued was helping to fuel Moscow’s war machine in Ukraine.
