Budget session 2026: India-US trade deal benefits both nations, says Piyush Goyal in Parliament

While speaking in the Parliament during the Budget session 2026 Commerce Minister Piyush Goyal on Wednesday said India and the US are complementary economies and the trade deal between the countries is beneficial for both partiesSince Prime Minister Narendra Modis visit to the US in February 2025 both sides have been negotiating for a bilateral trade agreement BTA thats beneficial for both sidesOn February 2 a phone call between Prime Minister Narendra Modi and US President Donald Trump led to the announcement of the trade dealPiyush Goyal while addressing the house on the IndiaUS trade deal asserted Negotiators from both sides have been at various levels over the past year During the negotiations both sides safeguarded their important and sensitive sectors from the trade deal at the same time ensuring maximum benefits for both countries as per ANIPiyush Goyals address in the Parliament came after many of the opposition MPs were apprehensive that the trade deal was detrimental for IndiaDuring these negotiations Piyush Goyal said the Indian side secured protection for its sensitive sectors particularly agriculture and dairyPiyush Goyal hails IndiaUS trade deal in ParliamentGoyal also emphasised There were sectors which were important and sensitive from the US point of view After negotiations for nearly a year both sides have been successful in finalising several areas of the bilateral trade agreement as per ANIWhile some of the Opposition members kept raising slogans and made their way into the Well of the House Goyal while continuing his address asserted I want to emphasise that the tariffs under this deal are lower than those imposed on competing countries which will increase Indias export competitiveness in the US market This agreement will provide significant comparative advantages to Indian exporters particularly in labourintensive sectors and manufacturingI wish to reiterate before this august House that the major sensitivities of Indiahave been fully taken into account Furthermore this partnership will create new opportunities for SMEs MSMEs skilled workers and industries providing streamlined access to advanced technologies the Union Minister addedThis trade deal he said is a significant step forward in Indias journey toward Viksit Bharat 2047It reflects the strong bond between the worlds two largest democracies who are natural partners working together for shared prosperity I wish to inform the honourable members in the Parliament that both sides are completing the necessary technical formalities and paperwork for further action as per ANIOn energy imports and Indias broader stance on them he reiterated that the government has repeatedly stated that ensuring the energy security of 140 crore Indians is its top priorityAll actions are taken keeping this in mind I urge the honourable members to view these issues from a holistic perspective he said perhaps referring to the energy imports from the US under the trade dealGoyal said India and the US are to a large extent complementary economies As India moves toward becoming a developed nation we need to strengthen our capabilities across sectors including energy aviation data centres and nuclear energyrdquoldquoThe US is a global leader in these fields Therefore it is natural for us to focus on trade opportunities in these sectors which will expand not only our procurement but also our exports We estimate that as a result of comparative advantages Indias exports to the US have grown significantly in many sectors the minister further addedGoyal also asserted This framework agreement which will drive global growth and innovation in the coming years is in the wider interest of the people of India and will greatly benefit the country It empowers both Viksit Bharat and Atmanirbhar Bharat Selfreliant India We will continue to work tirelessly to realise the Prime Ministers vision as per ANITariff slashed down to 18 per centThe Trump administration had imposed tariffs on countries that were major exporters to the US including India and China There was a 50 per cent tariff on goods from India entering the United States from August 2025 The tariffs have now been reduced to 18 per cent following the leaders phone call this weekThe BTA formally proposed in February 2025 following directives from the leadership of both nations seeks to more than double bilateral trade from the current USD 191 billion to USD 500 billion by 2030With inputs from ANI