India’s best interests at forefront, bilateral trade talks ‘moving in right direction’: Piyush Goyal on Trump tariffs

Union Minister for Commerce and Industry Piyush Goyal has assured the businesspersons that the government is "keeping India's interests at the forefront" and expressed hope that the bilateral trade agreement between India and US will "power" the economy towards Viksit Bharat 2047. The minister's remarks came in the face of the tariffs imposed by Trump's administration.

Goyal stated that the government is working on a bilateral trade agreement as was decided between Prime Minister Modi and US President Donald Trump in February. "We are covering a very wide array of subjects, and I can assure business persons that we are keeping the best interests of India at the forefront of our discussions," said Goyal. India's discussions with the US on a potential bilateral trade agreement are "moving in the right direction", he added.

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The bilateral trade agreement with the US will power the economy towards becoming a developed nation by 2047 when the country celebrates 100 years of independence, he said. Speaking at the Dubai India business forum, Goyal said India is mulling to start an Indian Institute of Management and Indian Institute of Foreign Trade in the UAE.

Piyush Goyal's announcements in Dubai

The decision to open these two premier educational institutes after the establishment of IIT must be seen as an important event illustrating India's ties. He said India wants Dubai to serve as the gateway for India's engagement with the Middle East region, and added that 20 lakh Indians reside in the city.

A slew of announcements were made by Dubai-based entities at the event, including the commencement of construction of the Bharat Mart at Al Jabeli. The mart will be completed by the end of next year, officials said.

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The Bharat-Africa Setu which will help Indian exporters access 53 cities in the African continent served by DP World has also been launched. Besides, DP World has tied up with state-owned RITES for developing projects globally, and with Cochin Shipyard for ship repair, shipbuilding and ship repair clusters along the coastline.

Sheikh Hamdan bin Mohammed Al Maktoum, the crown prince of Dubai, was present at the occasion. Goyal, whose comments on Indian startups recently sparked a debate, stated that he conducted an analysis which showed the entire ecosystem misunderstood his remarks. “It was a typical hatchet job by the Congress party with their various handles, completely distorting my comments and my effort to inspire our young startups to look for big aspirations,” he said.

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India-US Bilateral Trade Agreement

During Prime Minister Narendra Modi's recent visit to the US, leaders of both countries 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"--aiming to more than double the total bilateral trade to $500 billion by 2030.

Soon after, in early March, India's Commerce Minister Piyush Goyal was in the US. This followed Trump-Modi's plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025. The two leaders had committed to designating senior representatives to advance these negotiations.