India-U.S. trade deal hinges on preferential market access: Goyal

Commerce and Industry Minister Piyush Goyal has made preferential market access a key condition for concluding a trade agreement with the United States, underscoring New Delhi's negotiating stance as bilateral discussions progress.

Goyal's position reflects India's growing leverage in global trade negotiations, backed by an expanding portfolio of free trade agreements that collectively represent economies worth approximately $60 trillion in gross domestic product. These nine FTAs provide Indian exporters preferential access to markets accounting for nearly two-thirds of global trade, according to official statements.

The minister's remarks come as India and the United States seek to strengthen economic ties through a comprehensive trade agreement. New Delhi's insistence on receiving reciprocal preferential rates suggests that India aims to secure tangible market-opening commitments from Washington rather than entering a broad agreement without specific tariff concessions.

India's multiplying trade partnerships position the country to negotiate from a position of relative strength in bilateral talks. The strategic emphasis on preferential access demonstrates New Delhi's approach to trade pacts: ensuring that any agreement delivers concrete benefits for Indian businesses and exporters across key sectors.