India and U.S. Nearing Comprehensive Trade Agreement: Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal has announced that India and the United States are on the verge of finalizing a comprehensive bilateral trade agreement, which he described as the “mother of all deals.” Speaking at the Invest Kerala Global Summit (IKGS) on February 21, 2025, Goyal expressed optimism about the forthcoming negotiations with the Trump administration, emphasizing the potential for significant economic collaboration between the two nations.
The proposed trade pact aims to enhance economic engagement by leveraging the complementary strengths of both countries. Goyal highlighted India’s robust export performance, with exports reaching $778.21 billion in the fiscal year 2023-24. He also outlined an ambitious goal to double bilateral trade with the U.S. to $500 billion by 2030.
In addition to the U.S. agreement, Goyal mentioned India’s active pursuit of trade deals with other nations. He referenced the Comprehensive Economic Partnership Agreement (CEPA) signed with the United Arab Emirates and ongoing discussions with Bahrain, indicating a broader strategy to strengthen India’s global trade relationships.
The minister’s remarks come amid ongoing efforts to resolve trade differences between India and the U.S. Both countries have been engaged in discussions to address tariff disputes and enhance market access. The anticipated trade agreement is expected to provide a framework for resolving these issues and fostering a more robust economic partnership.
Industry experts view this development as a significant milestone in U.S.-India relations. The comprehensive trade deal is poised to open new avenues for businesses and investors, facilitating greater cooperation in sectors such as technology, manufacturing, and services. As negotiations progress, stakeholders from both countries are keenly observing the potential impacts on trade policies and economic growth.
