India and the United States are set to embark on discussions for a comprehensive Bilateral Trade Agreement (BTA), which Union Commerce and Industry Minister Piyush Goyal has described as the “mother of all deals.”
Speaking at the ‘Invest Kerala Global Summit’ on Friday, Goyal announced that India would soon initiate negotiations on a robust and influential 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,” Goyal stated.
He also highlighted Kerala’s potential, emphasizing that the state offers significant opportunities across various sectors, including tourism, manufacturing, and logistics.
The BTA was initially proposed during Prime Minister Narendra Modi’s visit to Washington, DC, where he met with then-US President Donald Trump. The primary objective of the agreement is to double bilateral trade between the two nations, aiming to reach $500 billion by 2030.
Negotiations for the first phase of the BTA are expected to conclude by the end of 2025. In preparation for this, both India and the US are set to appoint senior representatives who will spearhead discussions and facilitate the agreement’s progression.
Earlier in the week, Goyal emphasized that India and the US share a complementary economic relationship rather than a competitive one. He stated that ongoing discussions with stakeholders—both within and outside the government—aim to further strengthen trade ties.
During a virtual address at the NDTV Profit Conclave, the minister underscored the strong partnership between the two nations. “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,” he said.
Goyal further noted that India’s approach to global trade negotiations has been reinforced by its commitment to protecting domestic industries from non-market economies that operate without transparent trading systems.
India-US trade relations have already seen significant progress through various strategic, bilateral, and multilateral engagements. These include collaborations in defense, education, and cultural exchanges that have deepened the connection between the two countries.
Prime Minister Modi’s visit to the US led to several concrete outcomes, such as enhanced cooperation in defense, counter-terrorism, and energy security, spanning both fossil fuels and nuclear power. Additionally, trade and investment opportunities have been strengthened, with a focus on leveraging India’s skilled workforce.