New Delhi: Union commerce minister Piyush Goyal stated that the India-US partnership remains strong and expanding across sectors, with no cause for concern about the trajectory of the bilateral relationship, the commerce ministry said in statement. At an Indo American Chamber event, he emphasized that the friendship continues to be based on democratic values, diversity, and shared development goals.
Goyal said that the US views India as a trusted partner, and both countries remain committed to broadening trade and commercial ties. He added that a comprehensive partnership, such as the India-US relationship, comprises several elements that may move at different speeds, and that negotiations must remain fair and balanced to protect the interests of domestic stakeholders, including farmers, fishermen, small industries, and local businesses.
‘Fair and balanced’ agreement
On the proposed India-US trade deal, Goyal stated that negotiations were progressing and that India would only sign an agreement that is fair, balanced, and protects national interests. “Negotiations are a process, and India has to secure its interests and those of our stakeholders. As and when we find the right balance, you can rest assured we will get outcomes,” he said.
The minister highlighted the transformation in India’s economic fundamentals, saying the country has moved from being counted among the “Fragile Five” to becoming one of the world’s top five economies over the last decade. India is on track to emerge as the world’s third-largest economy by 2027, supported by a strong banking system, low inflation, controlled fiscal deficits, rising consumer sentiment and sustained infrastructure expansion backed by GST reforms, according to Goyal’s projections.
Goyal further stated that India offers one of the world’s largest opportunities for global businesses and expressed readiness to collaborate with US companies in areas such as technology, design, and advanced fields like artificial intelligence and quantum computing. India aims to benchmark itself against global standards, he said, and move collectively towards becoming a developed nation.
Reflecting on India’s performance during covid, he said the country’s response showed its capacity for collective action and resilience. He added that India continues to outperform global growth projections and is likely to register higher exports of goods and services by the end of the financial year.
As per commerce ministry data, India’s merchandise exports to the US showed signs of recovery in October after four straight months of decline. Exports rose by $6.3 billion in October, up 14.5% from September—the first month-on-month increase since May—despite Washington’s 50% tariff on most Indian goods.
Industry experts suggested that India should adopt a calibrated approach to the tariff situation and refrain from rushing into a trade deal until duties are eased. Ajay Srivastava, co-founder of the Global Trade Research Initiative, said India should follow a three-step strategy.
“First, India had to exit sanctioned Russian oil, and President Trump has acknowledged that we have largely done this. Next, India should seek a rollback of the 25% ‘Russian oil’ tariff before moving into deeper trade talks, as this would bring the overall duty burden down from 50% to 25% and immediately improve competitiveness in sectors such as textiles, gems and jewellery, and pharmaceuticals. Only after tariffs return to 25% should India resume negotiations for a balanced trade agreement, ideally targeting tariff parity with partners like the EU,” he said.
“India may also wait for the US Supreme Court’s ruling on the Trump tariffs, which could strike them down entirely. If that happens, India will be in a far stronger position to pursue a fair and forward-looking trade deal without the pressure of unilateral duties,” Srivastava said.