‘Tough job’: Piyush Goyal hails negotiators behind FTAs after India-US trade deal

Piyush Goyal (File photo)

Union Commerce and Industry Minister Piyush Goyal on Sunday gave insights into the behind-the-scenes negotiations that shape India’s free trade agreements (FTAs).In an interview with PTI, Goyal revealed that had personally met every negotiator involved in India’s trade agreements, emphasising that negotiators are tasked with protecting their own country’s interests and securing maximum benefit, and that this must be respected. ” I have met every negotiator personally. We have built very strong partnerships and relationships. Negotiators have to do their job; it is about protecting their own interests and securing maximum benefit for their country. We should respect that. It is also a tough job, because what we do in an FTA affects the nation and our people for decades to come.”He further described FTA negotiations as a tough and long-term responsibility, adding to his statement, “One has to be cautious and sharp, while also building a rapport with the negotiator. Often, that rapport helps secure additional benefits and understand each other’s thinking, especially when trade-offs are required. Overall, India’s negotiating style has been to respect other countries’ sensitivities, just as we expect them to respect ours. In all nine agreements, on a personal note, I built very good relationships with my counterparts.”He further claimed India’s negotiating strength that it offers a ‘future of $35 trillion economy’.This comes a day after India and the United States released a joint statement detailing the recently announced trade agreement, under which tariffs on Indian goods entering the US will be reduced from 50% to 18%. The pact follows months of negotiations that began in February 2025.Under the agreement, India stands to benefit from lower US duties on products such as textiles and apparel, leather and footwear, plastic and rubber goods, organic chemicals, home décor, artisanal items, and select machinery.In return, India will eliminate or reduce tariffs on a broad range of American industrial goods, as well as on several agricultural and food products. These include dried distillers’ grains, red sorghum used in animal feed, tree nuts, fresh and processed fruits, soybean oil, and wine and spirits.

India-US trade deal

Speaking specifically on the deal with US Piyush Goyal said, “Trade is all about competitive advantage and comparative advantage. India has always had high tariffs, yet we are still the fastest-growing large economy. In fact, very often the US President himself cites this fact that by increasing tariffs, he will not hurt his economy because it is a competitive situation. MFN is applied to everybody in the world, and regular tariffs are applied to everybody in the world. That is a fact.”Emphasising on competitive advantage the commerce minister added, “We have to look at our competitive advantage over others. Even when we reduce our tariffs, it is about competitive advantage, what we are giving to others under MFN and what we are offering to an FTA partner. Therefore, I do not think this is a material issue at all. When some people talk about it or try to highlight this, it only reflects that they do not understand international trade and are merely trying to mislead the people.”He further dismissed criticism that India gave more to US by accepting an 18 per cent tariff and giving it duty-free access, saying that Indian goods will have a competitive advantage due to 18 per cent tariff, as China faces 35 per cent, other countries 19 per cent upwards.

India-EU FTA

Goyal also mentioned the India-European Union FTA, saying that Prime Minister Narendra Modi’s strong relationships with global leaders played a key role. “The best part is that in all these negotiations, the Hon’ble Prime Minister’s relationship with his counterparts, the leaders of those countries or blocs, was fabulous and absolutely outstanding. We carefully assessed the impact of every decision across the economies of 27 nations. I dare say this is one agreement that each and every one of those 27 nations has welcomed. The India-EU FTA is one agreement that has not seen any negativity across Europe, while on the other hand, an agreement they did in 2019 is still struggling to get done with.”The India-European Union FTA, described as the “mother of all trade deals”, was finalised late last month. The agreement will be formally signed once the legal framework is completed and it receives approval from the European Parliament.The EU, as a bloc, is India’s largest trading partner, while the US remains India’s largest single-country trading partner. Negotiations for the deal spanned nearly 18 years.

‘Third-largest GDP by 2027-28’

Goyal took jab at Congress claiming, “Chidambaram, during his Interim Budget speech, had mentioned that it would take India 30 years to become the third-largest GDP and expected India to achieve this by 2044. However, under PM Modi, India will achieve it in 2027–28.”