Union Commerce and Industry Minister Piyush Goyal on Tuesday provided a cautiously optimistic update on the India-US trade negotiations, signalling progress in what both countries hope will be a comprehensive Bilateral Trade Agreement (BTA). Addressing members of the Indo-American Chamber of Commerce (IACC) during the 22nd Indo-US Economic Summit, Goyal conveyed that talks were moving in a positive direction, though he emphasised that a deal would only be announced when it is “fair, equitable, and balanced.”

“When the deal becomes fair, equitable, balanced, you will hear very good news,” Goyal said, seeking to reassure business leaders and investors that India was negotiating in a manner that protected the interests of domestic stakeholders while fostering international trade. His remarks come amid a week of heightened attention to India-US economic ties, following comments from former US President Donald Trump, who on November 10 suggested that both sides were close to reaching an agreement, noting, “We’re making a deal with India, a much different deal than we had in the past. So right now, they don’t love me, but they’ll love us again.”

Balancing Trade and Domestic Interests

Goyal’s message to business leaders was clear: India will pursue a mutually beneficial agreement, but it will not compromise the welfare of its citizens in the process. “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 countries, the United States and India,” he said.

Highlighting the domestic angle, the minister compared the negotiations to familial disagreements: “Parivar mein bhi kabhi-kabhi thodi bahut nok-jhok to hoti rehti hai [Even in the family, there are sometimes arguments].” He stressed that trade negotiations involve delicate balancing acts—protecting farmers, fishermen, and small industries while simultaneously creating opportunities for large-scale businesses and multinational companies operating in India. According to him, once the right balance is struck, both countries can expect positive outcomes for trade, investment, and commerce.

Strategic and Economic Dimensions of India-US Relations

Goyal described India-US relations as “comprehensive,” underscoring that trade is just one pillar of a multifaceted partnership. Citing a recently signed 10-year defence pact between India’s Ministry of Defence and the US Department of War, he illustrated the strategic depth of the bilateral relationship. The agreement, he noted, complements ongoing economic discussions and serves as an indicator of mutual trust and long-term engagement.

The commerce minister also highlighted an ongoing energy collaboration, specifically referencing a major LPG agreement signed “just a few days back” that will allow India to import 2.2 million tonnes of liquefied petroleum gas per annum from the US over an extended period. Such agreements, Goyal said, not only secure India’s energy requirements but also strengthen the trade and investment linkages between the two nations.

India’s Economic Resilience and Growth Story

Throughout his address, Goyal sought to frame India as a global economic powerhouse with robust fundamentals. He pointed out that over the last decade, India had transitioned from being one of the so-called “Fragile Five” emerging markets to one of the world’s top five economies. He projected that India is on track to become the world’s third-largest economy by 2027, citing factors such as strong banking systems, low inflation, controlled fiscal deficits, and infrastructure growth supported by Goods and Services Tax (GST) reforms.

The minister emphasised the resilience of India’s economy amid global volatility, describing it as an “oasis of stability.” He noted that the Indian stock market has grown nearly four and a half times over the last 11 years and highlighted the expansion of Global Capability Centres (GCCs), with over 2,000 such centres, many from the US, operating in India. These GCCs, he said, reflect India’s rising role as a hub for innovation, technology, and service delivery in the global economy.

Goyal also laid out the government’s initiatives to support entrepreneurship and innovation. He cited the recently launched second Fund of Funds for Startups, valued at ₹10,000 crore, and a ₹1 lakh crore fund aimed at research, development, and innovation. These measures, he asserted, are designed to create an ecosystem conducive to long-term growth, making India an attractive destination for foreign investment while simultaneously boosting domestic enterprise.

Trade Negotiations in Perspective

The India-US BTA is being closely watched by both governments and the business community, as it promises to reshape trade flows and investment opportunities. According to sources, the first phase of the agreement is “near closure,” with negotiations conducted largely through virtual means in recent weeks. While the deal covers multiple sectors, the focus has been on reducing trade barriers, improving market access for Indian goods in the US, and ensuring fair treatment of American companies in India.

However, Goyal repeatedly stressed that India’s position in the talks is driven by fairness rather than speed. “When we find the right balance, you can rest assured, we’ll even get outcomes on this score,” he said, underscoring the government’s commitment to protect Indian stakeholders while enhancing bilateral trade.

Enduring Friendship and Strategic Partnership

Beyond economics, Goyal highlighted the enduring nature of India-US ties, noting that the partnership rests on shared values of democracy, diversity, and commitment to development. “Just like the rest of the world, the US also shares a strong bond with India. They see India as a trusted partner. They see we are both equally committed to working to expand trade and commerce between the two countries,” he said.

He framed the BTA as a natural extension of this trust and cooperation, suggesting that a comprehensive agreement would strengthen not only trade but also strategic collaboration across defence, energy, technology, and infrastructure sectors.

Looking Ahead

As India and the US move closer to finalising the BTA, both countries are balancing domestic considerations with strategic objectives. For India, this includes safeguarding interests of farmers, small industries, and domestic enterprises while simultaneously attracting foreign investment and enhancing technological collaboration. For the US, the focus is on expanding market access for American goods and services and securing long-term trade and energy partnerships.

Goyal’s remarks provide a measured optimism: the deal is progressing, and once it reaches a fair and balanced stage, both nations can expect to announce it formally. By framing the talks as a process that protects domestic stakeholders while promoting global trade, Goyal sought to reassure businesses and investors that the outcome would be mutually beneficial.

Conclusion

Union Commerce Minister Piyush Goyal’s address at the Indo-US Economic Summit underscored India’s strategic and economic priorities as it negotiates a major bilateral trade agreement with the United States. While negotiations are ongoing, India remains committed to a deal that is equitable, balanced, and fair. With strong economic fundamentals, rising global influence, and sustained government support for innovation and investment, India is positioning itself not only as a key trading partner for the US but also as a resilient, forward-looking economy capable of navigating global challenges.

“The relationship continues to be very important, very strategic for both countries,” Goyal said, reflecting the dual goals of economic growth and strategic partnership that underpin the India-US dialogue. As both nations work toward finalising the BTA, the business community can anticipate an agreement that balances trade, investment, and national interests, marking a new chapter in India-US economic collaboration.