Piyush Goyal assured the businesspersons that the government is "keeping India's interests at the forefront" and expressed hope that the bilateral trade agreement will "power" the economy towards Viksit Bharat 2047
Piyush Goyal. Pic/PTI
Union Minister for Commerce and Industry Piyush Goyal stated that the Government is working on a bilateral trade agreement as was decided between Prime Minister Narendra Modi and US President Donald Trump in February. His remarks came in the face of the US tariffs imposed by Trump's administration, reported news agency ANI.
Piyush Goyal assured the businesspersons that the government is "keeping India's interests at the forefront" and expressed hope that the bilateral trade agreement will "power" the economy towards Viksit Bharat 2047.
On US tariff impacts, Union Minister Piyush Goyal told ANI, "We are working on a bilateral trade agreement as was decided between Prime Minister Modi and US President Trump in February... We had a series of engagements, all of which were going in the right direction. We are covering a wide area of subjects and products. I can assure businesspersons across the country that we are keeping India's best interests at the forefront... Our bilateral trade agreement will power the economy towards Viksit Bharat 2047..."
Meanwhile, Union Minister Hardeep Puri on Tuesday said he was confident India will emerge stronger from the fallout of the US tariffs once the bilateral trade agreement between the two partner countries is finalised, reported ANI.
"I am confident that India will do very well under the very able and wise leader like Prime Minister and his team," he told reporters when asked to react to President Trump's reciprocal tariffs on trade partners.
Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. Faced with Trump's reciprocal tariffs, a few countries have, in retaliation, imposed additional tariffs on US goods, escalating trade tensions. India has, however, refrained from any such move as both countries are actively working on a trade pact, reported ANI.
"We will come out of this stronger than we are. Every challenge presents an opportunity, and India will take advantage of it," he supplemented, reported ANI.
Earlier, on Monday, US Secretary of State Marco Rubio and External Affairs Minister S Jaishankar held a discussion on US tariffs on India following President Donald Trump's announcement last week about imposing a 10 per cent tariff on all imports to the US, which had caused concerns in the global market. The US has imposed 26 per cent tariffs on Indian imports, reported ANI.
The discussion was aimed at progressing towards a fair and balanced trade relationship, as stated by the US State Department spokesperson Tammy Bruce.
During Prime Minister Narendra Modi's recent visit to the US, leaders of both countries resolved to deepen the US-India trade relationship to promote growth that ensures fairness, national security, and job creation. To this end, the leaders set a bold new goal for bilateral trade--"Mission 500"--aiming to more than double total bilateral trade to USD 500 billion by 2030, reported ANI.
Soon after, in early March, India's Commerce Minister Piyush Goyal was in the US. This followed Trump-Modi's plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025. The two leaders had committed to designating senior representatives to advance these negotiations, reported ANI.
Further, speaking about energy availability in global markets, Minister Hardeep Puri, who holds the petroleum portfolio, said there is ample crude oil available in the market.
Speaking of India, he said the country has, over the years, diversified its crude oil sourcing to as many as 40 countries. He also highlighted India's own exploration and production efforts to meet its energy demand.
(With inputs from ANI)
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