India and the United States maintain a robust and strategically vital relationship, and despite ongoing negotiations, there is “no pause or hiatus” in their partnership, according to Indian Union Commerce and Industry Minister Piyush Goyal. Speaking at the 22nd Indo-US Economic Summit, Goyal addressed industry concerns regarding a Bilateral Trade Agreement (BTA), assuring stakeholders that progress is being made, and “good news” will be shared once a mutually beneficial agreement is reached. This commitment underscores the enduring strength of the Indo-US trade relations and the shared goals of both nations.
Reassuring Industry on the Bilateral Trade Agreement
Goyal directly addressed anxieties surrounding the delayed BTA, emphasizing that negotiations are actively underway. However, he firmly stated that India’s national interests remain paramount. He explained that any trade agreement must adequately protect the livelihoods of Indian farmers, fishermen, small industries, and other crucial stakeholders.
Prioritizing National Interests in Trade Talks
“Negotiations are a process, and India as a nation has to secure its interests,” Goyal stated. He reiterated the government’s commitment to achieving a “fair, equitable and balanced” outcome, assuring that an announcement will be made when that point is reached. This cautious approach reflects India’s determination to secure a trade deal that fosters sustainable and inclusive growth. The minister’s statements aim to quell concerns and reinforce the government’s dedication to responsible trade practices.
Strengthening the Broader Indo-US Partnership
Beyond the BTA, Goyal highlighted the multifaceted nature of the US-India partnership, extending far beyond mere trade negotiations. He described the relationship as a “comprehensive partnership” built on shared democratic values and a collective pursuit of global prosperity. He pointed to several recent milestones that demonstrate the deepening ties between the two countries.
These include the signing of a 10-year defence agreement, solidifying long-term security cooperation, and a new contract for India to source Liquefied Petroleum Gas (LPG) from the US, signifying growing collaboration in the energy sector. These developments, Goyal argued, showcase the resilience and maturity of the relationship.
India as a Prime Investment Destination
Goyal actively positioned India as a highly attractive destination for foreign investment. He noted that returns on investment in India are among the highest globally, citing numerous examples of multinational corporations experiencing substantial growth after establishing operations within the country. This positive investment climate is underpinned by strong economic fundamentals and a stable policy environment.
He also expressed confidence in India’s export performance, predicting that exports in FY26 will exceed last year’s figures. This optimistic outlook is fueled by the government’s proactive efforts to diversify both products and markets within its export basket. This focus on export diversification is a key component of India’s economic strategy.
Addressing Concerns and Expanding Global Trade
While acknowledging some industry concerns regarding potential US tariffs on Indian goods, Goyal dismissed these worries, pointing to the continued growth in exports. He also highlighted ongoing negotiations with other major trading partners, including the European Union, expressing optimism about resolving pending issues in the coming months.
Furthermore, the government is actively working to secure approvals from the EU and Russia for Indian shrimp, marine, and fishery establishments. Over the past year, significant progress has been made, with over 100 Indian fishery units listed or relisted in the EU and nearly 25 undergoing inspections in Russia. These efforts demonstrate India’s commitment to expanding its presence in key global markets. The minister also noted that despite a minor setback, shrimp exports are expected to continue growing.
A Future Built on Mutual Benefit and Global Stability
Goyal reiterated that the Indo-US economic ties are founded on the “strong pillars of democracy, diversity and development.” He emphasized that both nations are trusted partners, working not only for their mutual benefit but also for the broader goal of global economic stability. The United States, he affirmed, views India as a reliable and long-term partner, and both sides remain dedicated to expanding bilateral commerce.
Ultimately, Goyal’s message was one of reassurance and optimism. He concluded by reiterating the government’s principle on trade agreements: “Whenever the deal is fair, equitable and balanced, you will hear the good news.” This commitment to a mutually beneficial outcome underscores India’s dedication to fostering a strong and enduring partnership with the United States.
