India-US Trade Talks Move Forward, Piyush Goyal Assures of 'Very Good News' to Come

Image Source: Internet

Union Commerce Minister Piyush Goyal expressed optimism on Tuesday about the progress of India-US trade negotiations, telling members of the Indo-American Chamber of Commerce (IACC) that a favorable agreement is on the horizon. Speaking at the 22nd Indo-US Economic Summit, Goyal sought to alleviate concerns about any strain in the relationship between the two nations. Goyal emphasized that the India-US relationship remains strong and strategic, citing a recently signed 10-year defense pact as evidence of this. He likened the ongoing negotiations to a family argument, stating that even families sometimes have disagreements. However, he assured that India will prioritize the interests of its stakeholders and businesses while balancing sensitivities related to farmers, fishermen, and small industries. Recent developments suggest that the first phase of the India-US Bilateral Trade Agreement (BTA) is near completion, with both sides converging through virtual meetings to strike a mutually beneficial deal. The US has also expressed confidence in the negotiations, with President Donald Trump indicating that a new deal is in the works. Goyal highlighted India's economic growth, noting that the country has moved from being one of the 'Fragile Five' to one of the top five global economies over the past decade. He projected that India will become the world's third-largest economy by 2027, driven by strong economic fundamentals, including a stable banking system, low inflation, and controlled fiscal deficits. The Commerce Minister also emphasized India's commitment to innovation, citing the launch of a second Fund of Funds for Startups worth ₹10,000 crore and a ₹1 lakh crore fund for research, development, and innovation. He concluded by assuring that India will continue to attract foreign investment and support its ecosystem, making it an attractive destination for businesses and startups alike.