Government aims for fair, balanced deal

India is working towards a fair, equitable and balanced trade agreement with the United States while keeping national interest at the core, Union Commerce and Industry Minister Piyush Goyal said on Tuesday. Speaking at Udyog Samagam 2025 in New Delhi, the minister said discussions are progressing well and that the government is preparing for “every contingency” as the two sides move closer to finalising the long-pending deal.

Goyal, addressing industry leaders at the Sushma Swaraj Bhawan, said India will not compromise on its key priorities, especially in sensitive sectors such as agriculture, dairy and manufacturing.

Add Zee Business as a Preferred Source

“We are, of course, trying to work out a fair, equitable and balanced trade deal. If that happens, it could happen any day – tomorrow, next month or next year. But as a government, we are preparing for every contingency,” he said.

Government officials told foreign media that the proposed Bilateral Trade Agreement (BTA) with the US would be the most detailed and WTO-compliant arrangement yet between the two countries. They added that negotiations have progressed smoothly, with many sensitive issues already resolved, and that “another round of negotiations may not be required.”

According to government sources, the talks are nearing completion, with both sides expected to conclude the first phase soon. The proposed BTA was first announced in February 2025, following directives from Prime Minister Narendra Modi and US President Donald Trump, who set an ambitious goal to boost bilateral trade from $191 billion to $500 billion by 2030.

The negotiations, which resumed this year, gained momentum after a series of high-level meetings. India has, however, remained firm on safeguarding domestic interests, particularly for farmers, fishermen and small manufacturers. Officials said the government’s approach is to secure mutual benefit without yielding strategic ground.

The progress comes despite tariff frictions. In August, the US imposed additional 25 per cent tariffs on Indian goods, later doubling them to 50 per cent, citing India’s continued import of Russian oil. The move complicated the trade environment, but both sides have since sought to resolve these issues through dialogue.

A successful deal with the US would be a major milestone for India’s global trade agenda, reinforcing its position as a reliable and competitive partner in diversified value chains. It would also signal stronger alignment between New Delhi and Washington in trade, technology and investment cooperation.

Officials noted that while the framework is nearly final, formal signing could take place after completing domestic and legal clearances in both countries. Once implemented, the pact is expected to improve market access, attract investments and create opportunities for Indian exporters across sectors.

Goyal reiterated that national interest will remain paramount as India seeks to strengthen its economic engagement globally. “We will continue to ensure that India’s growth story is not compromised in any international agreement,” he said.