Piyush Goyal says "no hiatus" in partnership with US, "good news" on trade deal when right balance reached

New Delhi [India], November 18 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday said there is "no pause or hiatus" in the relationship with the United States which is very strategic for both countries and that there will be "good news" on the Bilateral Trade Agreement (BTA) as and when "right balance" is reached.

"I don't see any reason to be worried. I don't believe there is any hiatus in the relationship. It continues to be very important and very strategic for both countries--the United States and India," he said, speaking at the 22nd Indo-US Economic Summit organised by the Indo-American Chamber of Commerce (IACC).

Goyal sought to reassure industry participants, saying the relationship continues to evolve across economic, strategic and defence areas.

He described the Indo-US engagement as a comprehensive partnership built on strong democratic values and a shared commitment to global prosperity.

Goyal noted that partnerships of such depth naturally involve different tracks progressing at varying speeds, but the overall trajectory remains firmly upward.

Addressing industry concerns about the delayed bilateral trade agreement, Goyal said negotiations are underway and advancing, but India will prioritise its national interests in any deal.

He emphasised that India must secure the interests of farmers, fishermen, small industries and other stakeholders before concluding an agreement. "Negotiations are a process, and India as a nation has to secure its interests. As and when we find the right balance--fair, equitable and balanced--you will hear the good news," he assured.

The minister also highlighted important milestones that underscore the strength of bilateral ties. He pointed to the signing of a 10-year defence agreement between India and the US, a move that reinforces long-term security cooperation.

Additionally, he mentioned the recently announced contract for India to source LPG from the US, reflecting growing energy collaboration between the two countries. These developments, he said, reflect the resilience and maturity of the Indo-US partnership, which extends far beyond trade negotiations.

Goyal said the Indo-US relationship stands on "strong pillars of democracy, diversity and development," and described the two nations as trusted partners working not only for mutual benefit but also for global economic stability. He reiterated that the United States views India as a reliable, long-term partner, and both sides remain committed to expanding bilateral commerce.

Positioning India as a major investment destination, Goyal noted that returns on investment in the country are among the highest in the world. Several global companies, he said, have witnessed multi-fold returns after establishing operations in India, reflecting the strength of its economic fundamentals and policy stability.

He also underlined the country's export momentum, expressing confidence that India's exports in FY26 will surpass last year's performance.

Speaking to reporters on the sidelines of the Summit, Goyal reaffirmed that India's exports "continue to grow and will continue to grow in the future."

Some industry participants showed concern that the US tariffs on India would affect trade and exports. But the minister dismissed the concerns by saying that exports are growing.

He noted that the government is engaged in active negotiations with major trading partners, including the European Union, and expressed optimism that pending issues with the EU could be resolved in the coming months.

India, he added, is working to diversify both products and markets in its export basket. Efforts have included pushing for approvals from the EU and Russia for shrimp, marine and fishery establishments. Over the past year, more than 100 Indian fishery units have been listed or relisted in the EU, while nearly 25 have undergone inspections in Russia.

The government is also working with the UAE and other global markets to strengthen India's presence in key sectors such as fisheries. Despite what he described as a "small blip," Goyal said shrimp exports will "only grow, not reduce."

Reiterating India's principle on trade agreements, the commerce minister concluded, "Whenever the deal is fair, equitable and balanced, you will hear the good news." (ANI)

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