Piyush Goyal Says India-US Trade Deal Marks First Tranche, Talks to Continue

Commerce and Industry Minister Piyush Goyal on Thursday said India has not compromised on any of its key interests in the ongoing trade agreement with the United States, asserting that the government has carefully protected the concerns of all major sectors.

Speaking at a SIAM event, Goyal said the detailed text of the India-US trade agreement has not yet been made public, but rejected speculation that India had made significant concessions to Washington.

“The US details are not out there, so some people are trying to spread a total falsehood,” Goyal said, asserting that “not a single sensitivity of India” had been compromised in the bilateral trade agreement.

He said the government undertook extensive consultations with stakeholders before finalising the pact. The discussions covered the concerns of farmers, fishermen, MSMEs, workers, handloom and handicraft sectors, as well as the automobile industry.

Goyal said the auto sector was consulted extensively during the negotiations and that its concerns were addressed “to the highest extent possible”. He added that the agreement represents only the first tranche of the broader India-US trade engagement and that negotiations would continue in the future.

India and the US had announced the framework for the first phase of the trade pact in February. However, changes in the US tariff structure subsequently led to further negotiations between the two countries. The US had imposed an additional 10 per cent tariff on imports from several countries, including India, from July 24, adding pressure to the ongoing discussions.

Goyal maintained that the government’s approach to trade agreements has been based on extensive stakeholder consultations. He said FTAs, PTAs and bilateral trade agreements concluded under the current government have received broad support from industry and other stakeholders.

The minister’s remarks come as India and the US continue discussions on the trade framework, with tariff concerns and protection of sensitive domestic sectors remaining central to the negotiations.