Union commerce minister Piyush Goyal stated on Tuesday that discussions between India and the United States on a new trade agreement are moving steadily in the right direction. Addressing members of the Indo-American Chamber of Commerce (IACC) during the 22nd Indo-US Economic Summit, he emphasized that both sides are working toward an arrangement that is “fair, equitable, and balanced,” adding that positive news will follow once this alignment is achieved.
Goyal dismissed concerns over any strain in bilateral relations, explaining that the partnership remains strategic and deeply valuable for both nations. He noted that a week earlier, US President Donald Trump had also expressed optimism, remarking that negotiations were progressing toward a significantly improved deal compared to previous agreements. A report released on Tuesday indicated that the initial phase of the India-US Bilateral Trade Agreement is nearly finalized through a series of virtual meetings.
During his address, Goyal highlighted that trade is only one part of a much broader relationship. He pointed to a recently signed 10-year defense agreement between India’s defense ministry and the US Department of War as proof of the partnership’s expanding strategic scope. Comparing occasional disagreements to minor family disputes, he said such friction is natural but does not weaken the relationship.
The minister emphasized that India must protect the interests of its businesses, farmers, fishers, and small industries while negotiating with the US. Once this balance is secured, he said, mutually beneficial outcomes will follow.
Calling the India-US partnership “enduring” and consistently strengthening, Goyal highlighted shared democratic values and development goals. He noted that the US views India as a trusted and committed partner, dedicated to enhancing bilateral trade and economic cooperation. He also referenced a major long-term LPG supply agreement, under which India will import 2.2 million tonnes annually from the US.
Switching to domestic economic progress, Goyal said India has risen from the “Fragile Five” to the world’s top five economies in roughly a decade. He predicted India will become the world’s third-largest economy by 2027. He attributed India’s strong fundamentals to stable banks, low inflation, disciplined fiscal management, and infrastructure expansion supported by the Goods and Services Tax.
Goyal projected that India’s economy is doubling every eight years and is on track to reach $30–35 trillion by 2047. Despite global instability, he described India as an “oasis of stability,” with stock markets rising nearly four-and-a-half times in 11 years and more than 2,000 Global Capability Centers—many US-based—operating across the country.
He concluded by highlighting government support for innovation, including a second Fund of Funds for Startups worth $120 million and a $12 billion fund dedicated to research, development, and innovation.
