The Commerce and Industry Minister Piyush Goyal has said that India obtained the most favorable trade agreement with the United States (US) among its competing nations. He noted that the two countries share a very powerful relationship. He stated that the United States has the world’s largest economy, valued at about $30 trillion, and nobody can wish it away.
Moreover, he said that India and the United States are strategic partners and together represent the world’s two largest democracies. He added that ultimately a trade deal is about preference over competitors.
He mentioned ‘There’s a huge critical minerals partnership, there’s a defense partnership, there’s a huge amount of investments that flow into India from the US. So it’s a partnership of two countries which is going to define the future.’ These remarks come at an important time as the two countries have finalised the framework for the first phase of their bilateral trade agreement. Under the deal, the US had announced to reduce reciprocal tariffs on India to 18 per cent.
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