Goyal Signals 'Good News Soon' as India Pushes for a Fair US Trade Pact

By siliconindia | Tuesday, 18 November 2025, 12:37 Hrs

India–US trade pact nearing final stage, but India insists on fair and balanced terms.
Deal must safeguard farmers, fishermen, and small industries with no compromise on core interests.
India aims to double bilateral trade with the US to $500 billion by 2030 as part of its growth strategy.

Commerce and Industry Minister Piyush Goyal signaled that India and the United States are close to finalizing their long-discussed trade agreement, but he stressed that an announcement will only come once the deal is “fair, equitable, and balanced” for both sides. Speaking at the Indo-US Economic Summit, Goyal said India will share 'good news' only after key concerns, especially those involving farmers, fishermen, and small industries are fully addressed.

He noted that India will not compromise on the interests of domestic sectors and emphasized that trade negotiations take time because they involve multiple sensitive issues. India and the US have already completed six rounds of talks since March.

Goyal said the focus should shift from tariff levels to the strategic edge India can secure through the agreement. The US currently levies a 50% tariff on Indian exports, including an additional 25% duty linked to India’s Russian energy purchases. According to him, tariffs ultimately impact American consumers, not Indian exporters.

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The minister added that India aims to double its goods and services trade with the US to $500 billion by 2030, calling the target realistic as the country works toward its broader ambition of hitting $2 trillion in global trade.

Goyal also said that several other free trade agreements are progressing in parallel, including those with the European Union, Oman, New Zealand, and Chile. He stressed that India is now negotiating on equal terms with developed economies and is determined to secure deals that align with the nation’s long-term interests.