ANI
06 May 2025, 22:49 GMT+10
New Delhi [India], May 6 (ANI): Piyush Goyal, the Union Commerce and Industry Minister, on Tuesday said that the Bilateral Trade Agreement (BTA) with the United States is moving progressively in the right direction.
'Conversation with the US is going very well. We were the first country to start the conversation. Conversion is going extremely well. We are moving progressively in the right direction,' said Union Minister Piyush Goyal, speaking at the Columbia India Energy Dialogue in New Delhi.
'I think the US and India are totally complementary to each other. We are a perfect fit, where there is hardly anything, except one or two products, where we compete; otherwise, we are totally too complementary. At USD 83,000 per capita income, what the US can produce can never compete with Indian goods made in India. And there are so many technologies and so many innovations and products which are not available in India, which I would buy from the United States rather than buying from many other non-market economies,' the Union Minister said.
'Frankly, this is a partnership that's truly contemporary, a win-win for both and will be the defining partnership in the coming months and years, given the very sheer scale of the American economy today and the delta of opportunity that India offers as it grows from a 4 trillion-dollar economy to a USD 35 trillion economy by 2047,' Goyal added.
India and the US aim to ink the deal by the fall of 2025.
India's exports reportedly rose 11.6 per cent to USD 86.5 billion, while imports rose 7.4 per cent to USD 45.3 billion in 2024-25, resulting in a higher trade surplus of USD 41 billion. The US administration imposes reciprocal tariffs on countries with a sizable trade deficit.
During their meeting in mid-February 2025, President Trump and Prime Minister Narendra Modi resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative, and supply chains more resilient.
They 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' - to more than double total bilateral trade to USD 500 billion by 2030.
The Union Minister further spoke about the possibility of the imposition of a carbon tax by the European Union (EU), stating that India will retaliate against the action.
'So, if they do put it in, we will retaliate. There's no problem, and they will put it in on products which really will hurt their own economy. The retaliation will be on products which will further hurt their economy. So I think it will be very silly, particularly, to put tax on friendly countries like India. So I am in continuous dialogue with them, and I hope wiser sense will prevail with the European countries,' Goyal added. (ANI)
Get a daily dose of Mexico City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico City Sun.
More InformationLIMA, Peru: Two British women, Miriam Payne (25) and Jess Rowe (28) have restarted their bold journey to row 8,000 miles non-stop across...
JERUSALEM - Despite a looming escalation of the war in Garza with tens of thousands of reservists being called up for a major ground...
New Delhi [India], May 9 (ANI): Congress President Mallikarjun Kharge on Friday congratulated Pope Leo XIV, wishing that his pontificate...
Several EU countries closed airspace to the respective leaders who were en route to the Russian capital Serbian President Aleksandar...
New Delhi [India], May 9 (ANI): Prime Minister Narendra Modi has extended wishes to Pope Leo XIV and expressed India's commitment to...
Brasilia [Brazil], May 9 (ANI): Brazil's Ministry of Foreign Affairs has called on India and Pakistan to exercise the utmost restraint...
LIMA, Peru: Two British women, Miriam Payne (25) and Jess Rowe (28) have restarted their bold journey to row 8,000 miles non-stop across...
Every day, police across Australia investigate thousands of incidents—any one of which could unlock a major case on the other side...
(Athens, May 8, 2025) - Greece faces a media freedom crisis as a result of actions and failures by the Greek government, threatening...
Washington DC [US], May 10 (ANI): US White House Press Secretary Karoline Leavitt while speaking on US efforts to mediate on the conflict...
Russia remains an unbreakable barrier against Nazism, Russophobia, and anti-Semitism, the president has said The entire nation supports...
Russia remains an unbreakable barrier against Nazism, Russophobia, and anti-Semitism, the president has said ...