India-US Trade Deal Broadly Finalised: Goyal Clarifies Sitharaman's 'Plateau' Remark

India and the United States have finalized key aspects of their proposed trade deal, with Commerce and Industry Minister Piyush Goyal confirming that negotiations have reached a broad agreement. Speaking at the ET Startup Awards, Goyal dismissed Finance Minister Nirmala Sitharaman's recent remark that trade talks had hit a plateau.

He explained that while the broad contours of the deal had been agreed upon in February, the remaining challenge involves translating that understanding into legally workable provisions. Goyal clarified that the negotiations had progressed beyond the major concession points, but the technical and legal aspects still need resolution.

He emphasized that recent changes in US law, particularly a Supreme Court ruling limiting presidential tariff powers under the International Emergency Economic Powers Act (IEEPA), have altered the legal framework for American trade measures. Consequently, Washington is exploring alternative methods to impose tariffs and offer preferential treatment to trading partners.

Goyal stressed that the primary goal remains providing competitive advantages to Indian exporters, which can be achieved through a free trade agreement that grants lower tariffs to select goods from the US.