'The Only Nightmare...': Piyush Goyal Calls US-India Trade Deal 'Very Fair, Equitable'

Last Updated:July 02, 2026, 15:05 IST

Union Commerce Minister Piyush Goyal recalled the only "nightmarish" experience his team had during negotiations was the time difference between New Delhi and Washington

Union Commerce Minister Piyush Goyal on Thursday described the India-U.S. trade deal as a “very fair and equitable" agreement as he shed light on the final “1 per cent" hurdle that needed to be resolved to finalise a pact.

He recalled the only “nightmarish" experience his team had during negotiations was the time difference between New Delhi and Washington. At the same time, the minister emphasised he had a great working relationship with his U.S. counterparts, according to NDTV. 

The United States and India officially initiated negotiations for a comprehensive Bilateral Trade Agreement (BTA) in February 2025, but a full treaty is yet to be signed. Officials from both nations have indicated that the agreement is 99 per cent complete, and the remaining 1 per cent needs to be ironed out.

“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," Goyal said while speaking at the next chapter in the India-Japan partnership, NDTV reported.

Elaborating the “1 per cent link", the minister said even developed nations like the UK, Switzerland, Japan, and South Korea viewed it through the lens of relative benefits, advantages and competitiveness.

The ‘Nightmare’

When asked whether he faced any ‘nightmare’ during negotiations with the U.S., Piyush Goyal did recall one, but noted 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," Goyal said, according to NDTV.

He noted that the officials in India had a “very good" working relationship with their U.S. counterparts, adding the sides did not experience any stress at any point.

“I have had fabulous relations with both my counterparts there," he said.

U.S.-India Trade Deal In Final Stages

The Bilateral Trade Agreement (BTA) between the U.S. and India is in its final stages, said U.S. Ambassador to India Sergio Gor on Tuesday, adding most of the agreement was complete.

“We are in the final steps on this deal. Most of this deal is complete. There’s a few items that remain on both sides. It’s in the last 1% of that deal", Gor said at the US-India Strategic Partnership Forum Leadership Summit in Washington.

The envoy described the situation as a “win-win" for both sides, expressing confidence that the pact would bring stability to businesses in the two countries.

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