Piyush Goyal: Balanced Agreement Will Bring ‘Good News’ Soon

Commerce and Industry Minister Piyush Goyal on Tuesday offered one of the strongest indications yet that the long-anticipated India-US trade pact could be nearing a decisive conclusion. Speaking at the Indo-US Economic Summit hosted by the Indo-American Chamber of Commerce, Goyal emphasised that the negotiations were progressing steadily and would culminate once a “fair, equitable and balanced” agreement is crafted.

“When the deal becomes fair, equitable and balanced, you will hear good news,” the minister said, signalling cautious optimism without putting a timeline on the conclusion.

Despite persistent questions surrounding the pace of talks, Goyal reiterated that the bilateral relationship itself remains “very important, very strategic” and continues to function without disruption. “I don’t see any reason to be worried. There is no hiatus. The friendship is very enduring and the partnership is ever growing,” he added.

Piyush Goyal: Balancing National Priorities With Global Partnerships

Reaffirming India’s negotiating priorities, Goyal stated unequivocally that any movement on the India-US trade pact must uphold the interests of domestic stakeholders. He highlighted that the concerns of “farmers, fishermen and small industry” remain central to New Delhi’s stance at the negotiating table.

“A partnership as comprehensive as the Indo-US relationship has many elements, and every element need not run at the same speed,” Goyal remarked. “Negotiation is a process. India has to secure its interests, protect its stakeholders, and balance outcomes with national sensitivities.”

He assured industry leaders that once the right equilibrium is achieved, tangible progress would follow: “As and when we find the right balance, you can rest assured we will get outcomes.”

Tariff Issues at the Heart of Negotiations

Goyal’s remarks came a day after Commerce Secretary Rajesh Agrawal confirmed that discussions were in an advanced stage, especially on tariff-related matters. The proposed agreement consists of two core components:

1. A first tranche addressing tariff issues, including the United States’ demand for increased market access and India’s concerns over 25% reciprocal tariffs and an additional 25% oil duty imposed by Washington.

2. A second, more detailed section, expected to require a longer negotiation cycle, covering broader trade architecture and sectoral alignments.

Agrawal indicated that the initial package could be closed soon, noting that both nations have completed six rounds of discussions since March. The pact, formally initiated in February, aims to expand bilateral trade from the current $191 billion to $500 billion by 2030.

Piyush Goyal: A Strategic Partnership Anchored in Shared Values

Goyal used the platform to underscore the larger geopolitical and economic significance of the India-US partnership. “We stand on very strong pillars of democracy, diversity, and a shared commitment to development,” he said. He described the evolving relationship as one defined by “two trusted partners working for shared prosperity—not only of both countries but of the entire world.”

The minister also reiterated India’s readiness for a timely resolution: “If the deal is fair, equitable and balanced, it could happen tomorrow, next month, or next year. But as a government, we are prepared for every scenario.”

Senior officials familiar with the negotiations have suggested that most major issues are already resolved, raising the possibility that another round of talks may not be required.

Rising Tariff Tensions Add Urgency

The quest to finalise the India-US trade pact has gained renewed urgency following the US decision to impose an additional 25% tariff on certain Indian goods—effectively doubling the duty to 50%. Washington linked the move to India’s continued purchase of Russian crude, which it claims indirectly supports Moscow’s war effort in Ukraine.

The tariff escalation has added pressure on negotiators on both sides to find common ground swiftly while ensuring that strategic cooperation is not overshadowed by trade frictions.