India–US Trade Pact to Be Implemented Only After Competitive Advantage Is Secured: Piyush Goyal

Commerce Minister says India has finalised the framework agreement but implementation depends on resolving tariff-related concerns.

Speaking on June 20 in New Delhi, Commerce and Industry Minister Piyush Goyal said India will move forward with the proposed trade agreement with the United States only after ensuring that the country secures a competitive advantage over competing economies.

Responding to an ANI question regarding US Ambassador-designate to India Sergio Gor’s statement that the India-US Bilateral Trade Agreement (BTA) is “99% there”, Goyal clarified that the framework agreement has already been completed, but implementation depends on resolving outstanding tariff concerns.

“We have finalised the framework agreement and announced it as well. The Supreme Court’s order regarding tariffs came after that,” Goyal said during a press conference at the BJP headquarters.

Explaining the pending issues, the minister added, “We cannot implement the FTA until we secure a competitive advantage. The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented.”

He said both countries are continuing efforts to conclude a bilateral trade pact aimed at expanding market access and strengthening economic ties.

Minister Expresses Confidence in India’s Economy

Referring to the recent depreciation of the Indian rupee, Goyal expressed confidence in the country's economic outlook and said current conditions would stabilise over time.

“The rupee will be back to the normal in the times to come. India will continue to become the fastest developing nation in the world,” he said.

The minister also highlighted India's trade engagement under Prime Minister Narendra Modi, stating that the country has expanded its network of free trade agreements significantly over the past decade.

“Nine FTAs have been agreed under Prime Minister Modi’s tenure with 38 countries,” Goyal said.

Government Addressing Agriculture and Development Priorities

Addressing concerns over the possible impact of El Niño on agriculture, Goyal said the government is working on strategies to manage the situation and pointed to continued support for farmers through fertiliser subsidies.

“The same rate in 12 years... the government gave 90% subsidy,” he said, referring to fertiliser support provided by the Centre.

Looking ahead, the minister said the government's development agenda remains focused on building a developed India.

“Twelve years is just the beginning. We will build the development of the nation — Viksit Bharat — along with the people of India,” Goyal said.