New Delhi, Nov 18: Commerce and Industry Minister Piyush Goyal on Tuesday said “you will hear a good news” on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.
He said that India will also protect the interests of farmers and fishermen in the agreement.
Negotiation for a trade agreement is a process and India as a nation has to secure the interests of farmers, fishermen and small industry, he said at the Indo-US Economic Summit, organised by Indo-American Chamber of Commerce here.
“…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.
When we find the right balance, rest assured we will get outcomes on this…When the deal will become fair, equitable and balanced, you will hear good news,” Goyal said.
India and the US have been negotiating the proposed bilateral trade agreement since March. So far six rounds of negotiations have been completed.
Goyal added that there is no reason to be worried about the bilateral relations between the two countries.
“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.”
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 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 expand trade and commerce between the two countries,” he added.
Negotiations for the pact are important, as relations between the two countries have been under severe strain since the US President Donald Trump administration imposed a steep 50 per cent tariff on Indian goods. It includes a 25 per cent additional import duty for buying Russian crude oil.
The proposed pact aims to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.
The US is seeking greater market access for its products such as almonds, pistachios, apples, ethanol and genetically modified commodities.
The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports). It accounts for about 18 per cent of India’s total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country’s total merchandise trade.
