India-US Trade Deal Details to be Announced Soon, Says Piyush Goyal in Lok Sabha
Commerce Minister Piyush Goyal declared on Wednesday that the comprehensive details of the India-United States trade agreement will be made public shortly, describing the pact as balanced and mutually beneficial for both countries. His statement came during a session in the Lok Sabha, which was marked by vociferous protests from Opposition benches.
Mutually Beneficial Agreement Amid Protests
Addressing the House, Goyal emphasized that the trade deal, which has been under discussion since Prime Minister Narendra Modi's visit to the US in February 2025, is designed to protect the sensitive sectors of both economies. "After Prime Minister Narendra Modi's February 2025 visit to the United States, Bharat and America have been discussing a balanced and mutually beneficial bilateral deal," he stated.
Goyal highlighted that interlocutors from both sides engaged in serious discussions over the past year, ensuring that key interests were safeguarded. "Keeping the important and varying interests of both sides in mind, it is natural that both sides would want to reach the best possible outcome to protect significant and sensitive issues related to their respective economies," he added.
Protection of Sensitive Sectors
The Commerce Minister assured that India has successfully protected its interests in sensitive sectors, particularly agriculture and dairy. He acknowledged that the US also has similar sensitive areas, and through multiple rounds of bilateral discussions, both nations have arrived at a trade deal covering several sectors.
"During these discussions, the Indian side has been successful in safeguarding interests related to sensitive sectors, especially agriculture and dairy," Goyal noted. He stressed that the deal reflects a careful balance, with both countries working to ensure their economic priorities are addressed.
Boost for Indian Exporters and MSMEs
Goyal outlined the benefits of the trade deal for Indian exporters, particularly those in labour-intensive sectors. He referenced the recent reduction of US export tariffs to India to 18 per cent, announced by US President Donald Trump following a phone conversation with Prime Minister Modi on February 2.
"I want to stress that this is less than the tariffs imposed by America on several competing nations; it will increase India's competitiveness in terms of its exports to the American market," he said. The deal is expected to:
- Enhance exports from labour-intensive industries
- Open new opportunities for small and medium enterprises (MSMEs)
- Benefit skilled workers across various sectors
Additionally, Goyal mentioned that this partnership will support India's vision of 'Make in India for the world', 'design in India for the world', and 'innovate in India for the world'.
Historic Step Towards Viksit Bharat 2047
Terming the agreement historic, Goyal described it as a "structured deal with the world's largest economy" that strengthens India-US relations. He emphasized its role in advancing the journey towards Viksit Bharat 2047 and reflecting the bond between two major democratic nations.
"It also reflected the bond between two of the biggest democratic nations in the world, who are natural partners working together for shared prosperity," he stated. Goyal added that the deal will accelerate global development and innovation, aligning with the all-encompassing interests of the Indian people.
Technical Details and Future Prospects
Goyal informed the Lok Sabha that both sides are working to conclude the technical details and paperwork of the deal. "The detailed contours of the deal will be announced immediately after these procedures are completed," he assured.
He also addressed India's energy needs, stating that safeguarding the energy requirements of 140 crore Indians and diversifying energy sources are foundational to the government's approach. "All of Bharat's actions are undertaken keeping this in mind; therefore, I urge the Members to view these issues from a comprehensive point of view," he said.
Complementary Economies and Sectoral Growth
Highlighting the complementary nature of the Indian and US economies, Goyal pointed out that as India progresses towards Viksit Bharat, it needs to enhance capacity in sectors such as:
- Energy
- Aviation
- Data centres
- Nuclear energy
"America is a global leader in these sectors; for us, focusing on business opportunities in these sectors is natural so as to expand not only our imports but also exports," he explained. He estimated that India's exports to the US will increase in many sectors due to comparative gains.
In conclusion, Goyal affirmed that the trade deal strengthens both Viksit Bharat and Atmanirbhar Bharat, and the government will continue to work towards realizing the Prime Minister's vision in this regard.
