India and United States Pursue Balanced Bilateral Trade Agreement
India and the US are advancing talks on a balanced bilateral trade agreement, targeting a $30-35 trillion economy by 2047. Commerce Minister Piyush Goyal confirmed that discussions are progressing positively, focusing on enhancing trade relations and addressing economic goals through key pillars of growth.
India and the United States are progressing in their discussions concerning a balanced bilateral trade agreement, with an objective of establishing a $30-35 trillion economy by 2047, as stated by Commerce Minister Piyush Goyal. During the Times Now Summit 2025 in New Delhi, he asserted that the trade talks are advancing positively and aim to be mutually beneficial.
Minister Goyal addressed concerns about potential retaliatory tariffs that the Trump administration might impose on various countries, including India, stating that negotiations for the trade agreement are ongoing. He reflected on the collaborative announcement made during a joint press conference by President Trump and Prime Minister Modi, which initiated the trade discussions, remarking that completion of these negotiations is anticipated by Fall 2025.
He highlighted the consistent dialogue with various industry representatives covering agriculture, exports, engineering, electronics, and textiles, noting that there is great enthusiasm for a bilateral trade agreement with the United States. The Commerce Minister emphasized that achieving the outlined economic goals relies on three key pillars that Prime Minister Modi has championed over the last 11 years.
The first pillar involves strengthening India’s macro-economic stability, which he indicated has been successfully enhanced over the past decade. The second focuses on fostering inclusive and sustainable growth to improve the living standards of those at the bottom of the economic pyramid. Finally, the third pillar targets investment and consumption-led growth, transforming India from being one of the ‘fragile five’ to the world’s fifth largest economy.
The Minister elaborated that the combined approach of investment and consumption-led growth positions India appealingly on the global stage. He noted that readily available investment opportunities make India a desired destination for trade. This perspective ties into India’s engagement with developed nations, including ongoing negotiations with the European Union and the United Kingdom to establish free trade agreements, alongside efforts to fast-track bilateral negotiations with the United States.
In summary, India and the United States are actively engaged in negotiating a balanced bilateral trade agreement aimed at significantly advancing their economies by 2047. Commerce Minister Piyush Goyal has outlined key pillars essential for achieving this goal, including macro-economic strengthening, inclusive growth, and investment-led consumption. The talks, described as encouraging, indicate a mutual commitment to enhancing trade relations between the two nations.
Original Source: www.hindustantimes.com
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