India-US bilateral trade pact is an opportunity to expand economic partnership: Piyush Goyal

Bern [Switzerland], June 10 : Commerce and Industry Minister Piyush Goyal expressed optimism about the proposed bilateral trade agreement between India and the United States on Tuesday, describing it as a significant opportunity for both nations to expand and strengthen their economic partnership during ongoing negotiations.

Speaking to reporters during his visit to Switzerland, Goyal emphasised the strategic importance of the India-US relationship and the potential for substantial growth in bilateral trade through a well-structured agreement.

"We believe this presents an opportunity for us to expand our bilateral trade and strengthen our partnership," Goyal stated, highlighting the robust foundation underlying India-US relations. He characterised both nations as "close friends, allies and strategic partners" with deep-rooted connections spanning business, geopolitical, and cultural dimensions.

Goyal noted that the United States serves as India's largest bilateral trading partner and is home to millions of people of Indian origin, creating natural bridges for enhanced economic cooperation. "We share very, very strong ties, whether in the world of business or geopolitically," he emphasised.

The Commerce minister outlined the approach both countries are taking in their trade negotiations, emphasizing fairness and mutual benefit. "We are negotiating to create a comprehensive, fair, equitable and balanced agreement to promote business," he explained.

The minister's comments are particularly significant as a US negotiating team is currently conducting trade talks with their Indian counterparts in New Delhi. These week-long deliberations, which conclude on June 10, represent a crucial phase in advancing the bilateral trade framework.

The proposed agreement builds on the announcement made in February by US President Donald Trump and Prime Minister Narendra Modi, who committed to negotiating the first phase of a mutually beneficial multi-sector Bilateral Trade Agreement (BTA) by fall 2025.

The agreement aims to more than double bilateral trade to USD 500 billion by 2030, representing a substantial increase from the current trade volume of USD 191 billion. This ambitious target reflects both countries' confidence in their economic partnership's growth potential.

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