Commerce Minister Piyush Goyal Lauds India-US Trade Agreement as Historic Breakthrough
Union Commerce Minister Piyush Goyal on Tuesday enthusiastically welcomed the recently announced India-United States trade agreement, describing it as a "tremendous opportunity" for the nation. In a press conference held a day after the deal's announcement, Goyal emphasized that this pact represents "the best deal" India has secured when compared to agreements made by neighboring countries, with national interests being given utmost priority.
Strong Positive Signals for India's Future
Addressing media representatives, Goyal stated that the agreement sends powerful positive signals for India's economic trajectory. "This is the best deal India has received. It is a deal for all of us, bringing positive signals for the bright future of our citizens," he affirmed. The minister revealed that Indian and US negotiating teams had been engaged in continuous dialogue for several months to finalize the terms.
Credit to Prime Minister Modi's Leadership
Goyal credited Prime Minister Narendra Modi's leadership for achieving this significant breakthrough. "This achievement has come under the leadership of Hon'ble Prime Minister Narendra Modi. I would like to thank him once again for his guidance and for handling this in the interest of the nation and the people," he expressed. Highlighting the government's focus on agricultural welfare, Goyal added, "Friends, we all know, and the entire country knows, how the Prime Minister consistently cares for the welfare of our farmers, our brothers and sisters involved in animal husbandry, and the dairy sector. He protects their interests at every step."
Contrast with Previous Trade Approaches
The minister took the opportunity to contrast the current government's approach with previous administrations, specifically recalling India's decision to stay out of the Regional Comprehensive Economic Partnership (RCEP). "We also remember the large-scale trade deal, the Regional Comprehensive Economic Partnership (RCEP), which Congress had pushed India into in 2011. Rahul Gandhi committed a grave mistake in negotiating an FTA with China, but Hon'ble Prime Minister Modi protected the country by refusing to join the RCEP. That decision brought relief across the nation," Goyal remarked.
Strategic Diplomacy and International Relations
Referring to Prime Minister Modi's rapport with US President Donald Trump, Goyal noted, "We all know that the Prime Minister, leveraging his friendly relationship and close ties with President Trump, has finalised a trade deal with the United States of America that is the best deal India has received compared to all our neighbors, all the surrounding countries, and all the countries that compete with us. This is a great deal for all of us."
Key Provisions and Parliamentary Context
The agreement between India and the United States includes provisions that lower tariffs on Indian exports to 18 percent. Goyal mentioned that the government had intended to make a formal statement in Parliament regarding the deal but was unable to do so due to disruptions. "Normally, we would have wanted to speak about this in Parliament, but we all witnessed that disgraceful scene," he stated, strongly criticizing opposition conduct that forced the government to brief the media instead.
Broader Economic Implications
Earlier statements from Goyal highlighted that the deal "unlocks the power of two large democracies working together for the shared prosperity of their people" and would create unprecedented opportunities for various sectors:
- Farmers and agricultural workers
- Micro, Small and Medium Enterprises (MSMEs)
- Entrepreneurs and business owners
- Skilled professionals and workers
In a social media post, Goyal elaborated that the agreement would facilitate India's access to advanced US technology and accelerate progress toward the Viksit Bharat 2047 vision. "It is not just a trade deal – it is a historic turning point that will reshape India–U.S. relations and accelerate our journey towards Viksit Bharat 2047," he wrote.
Recent Diplomatic Developments
The India-US agreement follows closely on the heels of New Delhi's landmark trade pact with the European Union, signed just one week earlier. Prime Minister Modi confirmed the breakthrough after speaking with President Trump, posting on social media: "Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%," while thanking Trump "on behalf of the 1.4 billion people of India."
President Trump responded in his own social media post, indicating that India would "likewise move forward to reduce their Tariffs and Non-Tariff Barriers against the United States, to zero," and claimed that Prime Minister Modi had agreed to significantly increase purchases of American goods across multiple sectors:
- Energy products and resources
- Technology and innovation
- Agricultural commodities
- Coal and mineral resources
This comprehensive trade agreement marks a significant milestone in India-US economic relations, with both governments highlighting mutual benefits and strengthened diplomatic ties resulting from the negotiations.
