Piyush Goyal signals progress on India–US trade pact once equitable terms are secured

Commerce and Industry Minister Piyush Goyal has said that an announcement on the long-discussed India–US trade pact will come only once both sides reach terms that are fair, equitable and balanced.

Speaking at the Indo-US Economic Summit organised by the Indo-American Chamber of Commerce on Tuesday, Piyush Goyal stressed that negotiations remain ongoing and must protect India’s domestic interests.

He noted that the government continues to prioritise the welfare of farmers, fishermen and small industries as it works through the complexities of the proposed agreement, as reported by The Economic Times.

He said that India has to secure the interests of our stakeholders, businesses and balance it with sensitivities with the farmers, with the fishermen, with small industries. When the right balance is found, there will be outcomes. When the deal becomes fair, equitable and balanced, people will hear good news.

India and the United States have been negotiating the bilateral trade pact since March, completing six rounds of discussions so far.

Goyal dismissed concerns about any strain in bilateral ties, emphasising that the India–US partnership remains robust, grounded in democracy, diversity and a shared developmental vision. His remarks came amid reports that the US has imposed 50% tariffs on India, including a 25% penalty linked to imports of Russian oil.

He remarked that sometimes there is a bit of bickering in the family and he does not believe there is any hiatus in the relationship, and it continues to be very, very important, very strategic for both countries.

He also suggested that India’s LPG import arrangement with the United States could evolve into a multi-year deal, describing the friendship between the two nations as enduring and the partnership as continually strengthening.