Piyush Goyal: India-US Trade Deal Almost Done Modi Govt’s Winning Strategy

India’s Commerce Minister Piyush Goyal has expressed confidence that the trade deal with the US is “moving towards closure.” While he refrained from giving specific timelines, Goyal called the prospective deal “positive” and “good,” emphasizing that India never negotiates with a fixed deadline. He added that both sides would announce the deal once they are satisfied, saying, “I don’t think we have any sticky issues left to resolve.” India and the US have been in negotiations since early last year, with a major setback occurring in August when President Trump imposed a 50% tariff on India. However, talks have continued in the background, and there have been positive signs of progress from the US.

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Piyush Goyal confirmed that Canada is eager to accelerate trade talks, though India must start negotiations from scratch. He noted that while the UK and EU deals are excellent, each deal is unique due to different economic conditions. On the India-EU deal, Goyal stated that the EU has been consistent and committed since 2022, despite some delays due to elections. He expressed confidence that the EU Parliament will ratify the deal by 2026 and highlighted strong support from EU countries, including Germany, which is pushing for the agreement’s swift completion.

Piyush Goyal: India Negotiates with Strength Focus on Manufacturing Growth

Piyush Goyal highlighted the significant shift in India’s approach to global negotiations, emphasizing that the world now recognizes India’s political and macroeconomic stability, decisive leadership, and talent pool. He pointed out that India now negotiates from a position of strength, with Prime Minister Modi focusing on future FTAs rather than the current economic situation. Goyal noted that India’s projected $30 trillion economy by 2047 is what attracts other countries to engage with India. On the EU deal, Goyal said it will significantly boost India’s manufacturing, citing zero duties on many sectors and a massive opportunity for growth, especially in textiles. He also expressed confidence that India’s quality will improve as demand increases, with a focus on promoting innovation, R&D, startups, and manufacturing.

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