Piyush Goyal Recalls "Nightmare" His Team Faced During US-India Trade Talks

Calling the India-US trade agreement a "very fair and equitable" deal, Union Commerce Minister Piyush Goyal narrowed down the final '1 per cent' hurdle that needs to be ironed out to finalise the pact. Goyal also noted that the only 'nightmarish' experience his team faced during negotiations was the time difference between New Delhi and Washington, asserting he has had a great working relationship with his US counterparts.

Negotiations for a comprehensive bilateral trade agreement (BTA) began in February 2025, with both sides recently finalising the framework for an interim agreement as they work to close out the remaining 1 per cent of the deal. 

The 1% Hurdle

"It's a very fair, very equitable [deal]. It's a deal that gives us preferential access to the United States market, and free trade agreements are all about preferential access... For us, the primary factor in the free trade deal is to get a preference over all our competitors, our neighbours, the Southeast Asian countries, and that's the lens through which every country in the world has looked at it," he said while speaking at the next chapter in the India-Japan partnership. 

Goyal noted that even the developed economies like the EU, UK, Switzerland, Japan, and South Korea have looked at it through the lens of relative benefits and advantages and competitiveness, "and that is that 1 per cent link," he said.

"After the IEEPA (International Economic Emergency Powers Act) tariffs were struck down by the Supreme Court, the United States has to find the correct mechanism, a legally tenable mechanism by which they can give us the comparative advantage over our competitors," he said. 

He noted that all the different elements -- whether it's the concessions in different goods or breaking down non-tariff barriers-- have been largely finalised. 

"Till they give us this competitive advantage, it's very difficult to enter into force any agreement, and that's a position that the US also appreciates and understands...That's the area on which they have to work, where the US has to work, and how they will give us a competitive advantage compared to our peers," he added. 

The Nightmare

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When asked about any 'nightmare' he faced during negotiations, the minister said it was "a joyous and very learning experience."

"The only nightmare part of it is that the time difference is such that at times we have to stay awake at night, but you know I sleep very late. So for me, that was also not very difficult. My staff and my team may have had some difficulty as negotiations often went on till late in the evening," he said. 

"I don't think there was any stress at any point in time. Throughout this period, both negotiating teams have had a very good working relationship. I have had fabulous relations with both my counterparts there," he added. 

Where The Deal Stands

The proposed India-US trade agreement appears closer to completion than at any point since negotiations began, with senior officials from both governments signalling that only a handful of issues remain unresolved. The clearest update came from US Ambassador to India Sergio Gor, who said negotiations were nearing the finish line.

"Most of this deal is complete. There are a few items that remain from both sides, but it's in the last one or 2 per cent of that deal," Gor said.

"We're very close," he added, calling the agreement "a win-win situation" that would bring stability to businesses on both sides.