US-India to soon sign mother-of-all trade deals, says Piyush Goyal
Piyush Goyal sounded bullish on the forthcoming trade talks with the Trump administration, promising a “mother-of-all” bilateral trade deals with the US soon.
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“We will soon start discussing with the Trump administration of the US a strong, powerful economic engagement and a bilateral trade deal which will be the mother of all deals providing huge opportunities for Indians and Americans to work together and complement each other's strengths in this very turbulent world," Goyal said, speaking at the Invest Kerala Global Summit (IKGS2025).
PM Modi had said early this month that the US and India have set a target of doubling their bilateral trade to $ 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by the fall of 2025. During 2021-24, America was the largest trading partner of India.
India’s exports have seen a historic rise, reaching $ 778.21 billion in 2023-24. This marks a 67% increase from $ 466 billion in 2013-14. The growth reflects India’s expanding role in global trade, driven by strong performances in both merchandise and services exports, according to official statistics.
In 2023-24, merchandise exports stood at $ 437 billion, while services exports contributed $ 341 billion. Key sectors like electronics, pharmaceuticals, engineering goods, iron ore, and textiles
