India-US trade deal: India is pushing to finalise its trade deal with the United States, referred to by Commerce Minister Piyush Goyal as the “father of all deals.” The Commerce Minister expressed optimism about closing the pact quickly, saying, “On the ‘father of all deals’, the minister said India is working towards closing it with the US ‘quickly’, as good negotiations are happening.” The deal is seen as a major step to expand markets, boost exports, and help India achieve its ambitious USD 2 trillion export target by 2032.
India-EU FTA Expected to Double Exports
At the same time, India is set to benefit from the recently concluded India-European Union free trade agreement (FTA), widely called the “mother of all deals.” Goyal said the pact is expected to double India’s exports to Europe within five years and ensure mutual gains for India and the 27 EU nations.
“Now, with 99 per cent of India’s exports to get duty-free access from day one of the implementation of the pact in the EU, the country’s outbound shipments are likely to double in five years,” Goyal told PTI. India already maintains a trade surplus in goods and services with the EU, with goods exports reaching USD 76 billion and services USD 46 billion in 2024-25.
Domestic Businesses Urged to Seize the Opportunity
Goyal called on Indian companies to increase investments, expand capacities, and move beyond domestic markets. “This mother is neither going to be very strict nor lenient. This mother is going to be compassionate, this mother is going to be loving, and this mother is going to make sure that both her children and, for that matter, the 27 nations of Europe and India, all 28 children will enjoy the fruits of this free trade agreement,” he said.
Consumers, he added, are the biggest beneficiaries as the FTA is expected to make goods cheaper and improve choices in the market.