India and US Edge Closer to Historic Trade Pact

India's Commerce and Industry Minister Piyush Goyal announced ongoing negotiations for a bilateral trade agreement with the US, emphasizing a fair and balanced deal without compromising local interests—primarily in the farming and dairy sectors. Talks, involving major figures from both nations, signal potential reductions in high tariffs.

India's Commerce and Industry Minister Piyush Goyal emphasized the nation's commitment to securing a fair, equitable, and balanced trade deal with the United States, without compromising the interests of its farmers, fishermen, and dairy industry. During the Udyog Samagam 2025 conference, Goyal reiterated India's focus on a comprehensive trade agreement with the US.

The ongoing negotiations, which have completed five rounds, seek to address and mitigate high tariffs, particularly affecting India's fishery sector. The proposed pact could see bilateral trade double to USD 500 billion by 2030, from the current USD 191 billion, thereby strengthening economic ties between the two nations.

Efforts led by Commerce Secretary Rajesh Agrawal in Washington have highlighted India's detailed and cautious approach, amid tensions from US-imposed tariffs on Indian goods. US President Donald Trump has expressed optimism about nearing a 'fair trade deal' with India, potentially lowering tariffs and ushering a new era of economic collaboration.

(With inputs from agencies.)