India’s Commerce and Industry Minister Piyush Goyal has emphasized that the India-US trade agreement announcement has significantly boosted business confidence in both countries. Speaking at the ET Now Global Business Summit, Goyal highlighted how the agreement could strengthen economic ties and create opportunities by leveraging competitive strengths across various industries.
During Prime Minister Narendra Modi’s recent visit to Washington, India and the US set an ambitious target to more than double bilateral trade to $500 billion by 2030. As part of this goal, the two nations plan to finalize the first tranche of a multi-sector bilateral trade agreement (BTA) by fall 2025.
“The Prime Minister has brought back an agreement to enter into a trade deal by fall of this year. This brings confidence and relief to businesses in both countries, demonstrating how we can reshape world trade through partnerships in key sectors,” Goyal stated.
Strengthening India’s Global Trade Footprint
Goyal also pointed out India’s continued push for new trade agreements with key global partners, including Australia, the UAE, and the European Free Trade Association (EFTA), which comprises Iceland, Liechtenstein, Norway, and Switzerland. These agreements are part of India’s strategy to expand economic partnerships and increase its presence in global trade networks.
“The progress we are making with Europe and the anticipated trade deal with the US later this year reflect India’s growing influence in global trade,” he added.
India-US Trade Dynamics and Economic Impact
In 2023, India-US bilateral trade in goods and services reached $190.08 billion, with India exporting $83.77 billion worth of merchandise to the US while importing $40.12 billion. This resulted in a $43.65 billion trade surplus in India’s favor. Additionally, India’s services exports to the US stood at $36.33 billion, further strengthening trade ties.
Also read: India Aims $500B US Trade, Plans Bilateral Agreement
Boosting Domestic Manufacturing Through ‘Make in India’
Goyal also highlighted India’s domestic manufacturing push, emphasizing the National Manufacturing Mission as a key driver of industrial growth. The mission will address challenges faced by MSMEs and large manufacturers, ensuring India remains competitive in global markets.
“The Make in India story is set to be strengthened with new policies and strategies that will help manufacturing in India become more competitive,” Goyal affirmed.
With a strong trade surplus, increasing global partnerships, and a focus on domestic manufacturing, India is positioning itself as a major player in global commerce, with the India-US trade agreement playing a pivotal role in this transformation.
