New Delhi, February 8: Union Commerce and Industry Minister Piyush Goyal stated that the relationship between India and the United States holds immense potential. He expressed confidence that trade between the two nations could reach $500 billion in the next five to six years. Goyal noted that the Indian industry and other stakeholders have responded positively to this deal.
In addition to the U.S., India is advancing Free Trade Agreements (FTAs) with other countries. Goyal revealed that India has signed nine FTAs, facilitating trade with 38 nations.
Speaking at the NDTV Profit Conclave, Goyal mentioned that despite challenging global conditions, India’s total trade is expected to grow by 5 to 6 percent this year. He emphasized that as India moves towards its goal of becoming a developed nation by 2047, it is in a strong position due to stable policies and increasing investor confidence.
Goyal highlighted that the trade deal framework with the U.S. opens significant opportunities across various sectors, particularly benefiting investments in artificial intelligence (AI) and data centers.
He explained that this agreement would allow India to gain from products coming from the U.S. while also creating new investment opportunities within the country.
Goyal also mentioned that India is currently negotiating an FTA with Canada and is nearing completion of an agreement with another unnamed country.
He assured that discussions with the U.S. were conducted smoothly, with cooperation from all parties involved. The government is focused on forging agreements that promote economic growth, investment, new technologies, and strengthen India’s role in the global supply chain.
Goyal concluded by stating that India is rapidly progressing towards becoming a $30 trillion economy by 2047. He noted that consistent trade growth and strong partnerships with various countries support this journey. This statement coincided with the announcement of the India-U.S. trade deal framework.