Piyush Goyal says India-US are in active dialogue for a trade pact

Commerce and Industry Minister Piyush Goyal announced on Wednesday that India is in active discussions with the United States and New Zealand for potential free trade agreements. Speaking at a Federation of Indian Chambers of Commerce & Industry (FICCI) event, he stated, “We are in active dialogue with the USA and New Zealand.”

India has already finalised trade agreements with various countries, including Mauritius, the EFTA bloc, the UK, UAE, and Australia, he said. The second phase of the trade agreement with Australia is expected to be completed soon, while talks are underway with Oman and other nations. These efforts reflect India's strategic focus on expanding its international trade networks.

Meanwhile, both Prime Minister Narendra Modi and US President Donald Trump stated that New Delhi and Washington were continuing their discussions on trade. PM Modi underscored the importance of the India-US relationship, stating, "India and the US are natural partners and teams from both sides are working to conclude negotiations." He further commented, "India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership."

The United States is India's largest trading partner, with bilateral trade worth USD 191 billion. However, recent increases in tariffs have strained trade relations, leading to a delay in the sixth round of negotiations which was postponed as the US team deferred their visit to India. Both countries are committed to concluding the initial phase of the trade agreement by autumn 2025.

Commerce Secretary Sunil Barthwal highlighted the essential qualities for India's international success, stating, "resilience, adaptability and ethical leadership will be the defining qualities shaping India’s continued success on the international stage." These attributes are deemed crucial for leveraging international trade agreements effectively.