Synopsis
Union Commerce and Industry Minister Piyush Goyal emphasized that the forthcoming Bilateral Trade Agreement (BTA) between India and the US will be highly beneficial, providing vast opportunities while strengthening the economic ties between both nations during the Invest Kerala Global Summit.Key Takeaways
- The BTA is labeled the ultimate agreement by Piyush Goyal.
- It aims to double bilateral trade to $500 billion by 2030.
- Kerala is highlighted for its unique opportunities across various sectors.
- Negotiations are set to conclude by the end of 2025.
- India and the US complement each other in trade relations.
Kochi, Feb 21 (NationPress) The eagerly awaited Bilateral Trade Agreement (BTA) between India and the United States has been declared the “ultimate agreement” by Union Commerce and Industry Minister, Piyush Goyal, on Friday.
While speaking at the ‘Invest Kerala Global Summit’, the minister mentioned that India will soon engage in discussions to forge a robust and impactful bilateral trade deal with the US.
He emphasized, “It will be the ultimate agreement, offering vast opportunities for both Indians and Americans, while mutually enhancing their strengths in a challenging economic landscape.”
The minister added that Kerala presents exceptional prospects across various sectors, including tourism, manufacturing, and logistics.
The BTA is a trade agreement initiated during Prime Minister Narendra Modi's meeting with US President Donald Trump in Washington, DC. The primary objective is to escalate bilateral trade to $500 billion by 2030.
The initial phase of BTA negotiations is expected to conclude by the end of 2025, with both parties likely to soon appoint senior representatives to facilitate the discussions.
Earlier this week, Goyal asserted that India and the US do not merely compete but rather complement one another, indicating ongoing discussions with various stakeholders, both within and outside the government, to enhance trade relations.
In his virtual address at the NDTV Profit Conclave, the minister remarked that this is a partnership between two amicable nations, reliable allies, and formidable democracies and “we do not compete as much as we complement each other.”
The Union Minister underscored that India’s standing in global trade discussions has been fortified due to its commitment to safeguarding domestic industries from non-market economies that lack transparent trading frameworks.
Trade relations between India and the US have already been strengthened through strategic, bilateral, and multilateral collaborations, encompassing defense ties, education, and person-to-person connections.
Several concrete outcomes resulted from the Prime Minister’s visit to the US, including enhanced cooperation in defense, counter-terrorism, energy security spanning both fossil fuels and nuclear power, as well as trade and investment while capitalizing on India’s human resources.
