India-US Trade Deal Nearing Closure, Says Piyush Goyal at Economic Summit

Union Commerce and Industry Minister Piyush Goyal on Tuesday, November 18, 2025, expressed optimism about the ongoing India-US trade negotiations, assuring business leaders that a "fair, equitable, and balanced" deal is on the horizon. Speaking at the 22nd Indo-US Economic Summit organised by the Indo-American Chamber of Commerce (IACC) in New Delhi, Goyal downplayed any perceived tensions, stating, "When the deal becomes fair, equitable, and balanced, you will hear very good news." His comments come amid reports that the first phase of the Bilateral Trade Agreement (BTA) is nearing closure, following virtual talks that have bridged key differences between the two sides.

Goyal emphasised the enduring strategic partnership between India and the United States, dismissing concerns of a "hiatus" in relations. "I don't see any reason to be very worried. It continues to be very important and very strategic for both countries," he said, likening minor frictions in the talks to "nok-jhok" in a family. He highlighted the multifaceted nature of the bilateral ties, pointing to a recently inked 10-year defence pact between India's Ministry of Defence and the US Department of War, as well as a landmark liquefied petroleum gas (LPG) import agreement for 2.2 million tonnes annually over the long term. These developments underscore the comprehensive scope beyond trade, including defence and energy security.

The minister's reassurance follows US President Donald Trump's November 10 remark that a "much different deal than we had in the past" with India is progressing, though he quipped that "they don't love me, but they'll love us again." Goyal stressed India's commitment to safeguarding stakeholder interests, particularly for farmers, fishermen, and small industries, while pursuing balanced outcomes. He framed the partnership as "ever growing", rooted in shared values of democracy, diversity, and development, with the US viewing India as a "trusted partner" for expanding commerce.

Also Read: Nitish Kumar Returns For 10th Term With a Caste-Engineered NDA Cabinet

Domestically, Goyal touted India's economic transformation from the "Fragile Five" in 2013 to one of the world's top five economies today, crediting robust banking reforms, low inflation, fiscal discipline, and GST-driven infrastructure growth. He projected India becoming the third-largest economy by 2027, with GDP doubling every eight years and aiming for $30-35 trillion by 2047. Amid global volatility, Goyal described India as an "oasis of stability", evidenced by the stock market's 4.5-fold growth over 11 years and the presence of over 2,000 Global Capability Centers (GCCs), many US-based.

To bolster innovation, the government has launched a second ₹10,000 crore Fund of Funds for Startups and a ₹1 lakh crore fund for research, development, and innovation. These initiatives, Goyal noted, create a supportive ecosystem for bilateral investments and collaborations. As negotiations advance, Goyal's upbeat assessment signals potential for a breakthrough that could boost bilateral trade—currently exceeding $190 billion annually—while addressing long-standing issues like tariffs, digital trade, and market access, setting the stage for deeper economic integration.

Also Read: BJP Demands Special Intensive Revision of Electoral Rolls in Sikkim Under Article 371(F)