Union Minister Piyush Goyal recently spoke at the Invest Kerala Global Summit (IKGS) and explained the importance of the proposed trade agreement between India and the United States. He described the pact as the “mother of all deals” and highlighted the huge opportunities it will create for both Indians and Americans to collaborate and complement each other’s strengths.
During his address, Goyal expressed the central government’s strong support for the event, despite ongoing differences between the BJP-led Centre and the Kerala government, which is headed by the Left Democratic Front (LDF). He also mentioned India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE, observing that it was the fastest-negotiated free trade agreement in the world. Goyal announced that India hopes to start the process soon for a CEPA with Bahrain, with ministers from Bahrain and the UAE present at the summit.
Goyal shared that India is already in discussions with the European Union, the UK, and Oman for future trade deals. He expressed optimism about starting discussions with the Trump administration in the US for a boost in economic engagement and a bilateral trade deal, which he believes will provide immense opportunities for both nations.
Highlighting the growth potential in Kerala and the country, Goyal encouraged investors not to miss the opportunity to invest in India. He used the metaphor of not missing the boat in Kerala, suggesting that those who do might be left behind while others progress and prosper with India’s growth. Approximately 3,000 participants attended the two-day summit, showcasing the strong interest in India’s economic prospects.
Goyal also remarked on the recent visit of Prime Minister Narendra Modi to Washington, where India and the US committed to doubling their two-way commerce to USD 500 billion by 2030. They also agreed to negotiate the first phase of a mutually beneficial bilateral trade agreement (BTA) by the fall of 2025.
In 2023, the bilateral trade between India and the US in goods and services stood at USD 190.08 billion. India’s merchandise exports to the US were USD 83.77 billion, while imports were USD 40.12 billion, resulting in a trade surplus of USD 43.65 billion in favor of India. The country’s services exports to the US amounted to USD 36.33 billion, with imports totaling USD 29.86 billion, leaving a trade surplus of USD 6.47 billion in services.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
