India-US Trade Deal Nears Breakthrough, Piyush Goyal Stresses Fair Terms

India has indicated that a major breakthrough on the proposed trade pact with the United States is "very near," provided the agreement is fair, equitable, and balanced. Speaking at the Indo-US economic summit in Delhi, Commerce and Industry Minister Piyush Goyal affirmed that India would not compromise on the interests of its vital sectors, including farmers, fishermen, and small industries. Any deal must protect Indias sensitivities while expanding economic opportunities.

Optimism is also rising on the US side, with Trump advisor Kevin Hassett telling CNBC that both nations are "very close" to finalising a deal. This positive sentiment follows an improvement in trade relations, highlighted by a 14.5% surge in Indias goods exports to the US in October—the first rise in five months.

This surge is attributed to Indias increased annual LPG imports and the US exempting several farm products from reciprocal tariffs, indicating a mutual commitment to strengthening bilateral trade.