India-US negotiating "fair, equitable, balanced trade agreement" says Commerce Minister Piyush Goyal

Bern [Switzerland], June 10 : Union Commerce and Industry Minister Piyush Goyal on Tuesday said that India and the US were in the process of negotiating a fair and equitable trade agreement that will benefit both economies.

Addressing a press conference over India-US trade deal and Future trade agreement with the European Union, Piyush Goyal said, "PM Narendra Modi and US President Trump met in February 2025...Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable and balanced agreement to promote business."

Highlighting that both America and India are "very close friends, allies and strategic partners", Piyush Goyal said that the trade deal is an opportunity to expand bilateral trade and strengthen the partnership between the two nations.

"Both America and India are very close friends, allies and strategic partners. For us, the relationship with the United States of America as our largest bilateral trade partner and as a country which is home to millions of persons of Indian origin, a country which has provided education to millions of Indians, a country with which we have shared very strong ties, whether in the world of business or geopolitically, we believe it's an opportunity for us to expand our bilateral trade and strengthen our partnership..."

Goyal seemed confident of pushing through trade agreements despite the volatile geopolitical conditions around the world.

"We, in India, look at every challenge and crisis as an opportunity. I am not really concerned about what's happening in the world. I believe this will open up new vistas of opportunity for India. I am looking at the ways we can increase business across the world. We are having robust discussions with the US...With the three important agreements of Europe, hopefully done in the next month or two, with our agreements with the different countries in the Middle East and Australia...India is today coming out of the shadows. In this situation, any turbulence in the rest of the world will hurt India less than it will hurt the rest. We have a big runway of growth ahead of us," he said.

Goyal highlighted the FTA with the European Nations as a sign from which India will draw inspiration.

"I believe, a new era of partnership, friendship and togetherness between the 4 (European Free Trade Association) EFTA nations, Switzerland, Norway, Liechtenstein and Iceland with India is going to begin in October...TEPA, is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement...We draw a lot of inspiration from your journey. We believe it is a very natural partnership...We can add huge value to the future of members and the business community," he said.

The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India.

The meeting provided a platform for the business leaders to share their plans and learn more about India's investment environment.

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