Kerala Global Summit: India-US trade pact to be mother of all deals, says Piyush Goyal

Kochi, Feb 21 (IANS) The much-anticipated Bilateral Trade Agreement (BTA) between India and the United States will be the "mother of all deals", Union Commerce and Industry Minister, Piyush Goyal, said on Friday. 

Addressing the ‘Invest Kerala Global Summit' here, the minister said India will soon start discussing a strong and powerful bilateral trade deal with the US.

"It will be the mother of all deals, providing huge opportunities for both Indians and Americans while complementing each other's strengths in a turbulent economic world," he stressed.

The minister further stated that Kerala offers unique opportunities in every sphere including tourism, manufacturing and logistics.

The BTA is an agreement between India and the US initiated during Prime Minister Narendra Modi's visit to Washington, DC, to meet US President Donald Trump. The key goal is to double bilateral trade to $500 billion by 2030.

The first part of the negotiations of the BTA are slated to be completed by the end of 2025, with both sides expected to soon appoint senior representatives to advance negotiations.

Earlier this week, Goyal said that India and the US do not compete as much as they complement each other, and discussions are underway with various stakeholders, both within and outside the government, to strengthen trade ties between the two nations.

In his virtual address at the NDTV Profit Conclave, the minister said this is a relationship between two friendly nations, trusted partners, and powerful democracies and "we do not compete as much as we complement each other".

The Union Minister highlighted that India's position in global trade negotiations had been strengthened due to its focus on protecting domestic industries from non-market economies that lack transparent trading systems.

Trade relations between India and the US have already been bolstered through strategic, bilateral, and multilateral engagements, including defence ties, education, and people-to-people connections.

There were several tangible outcomes from the PM’s visit to the US. These include strengthening cooperation in defence, terrorism, energy security covering both fossil fuels and nuclear power, trade and investment besides leveraging India's human capital.