New York, May 29 (H.S.): Union Commerce and Industry Minister Piyush Goyal has informed representatives of the American business community that negotiations between India and the United States on a trade agreement have witnessed “encouraging progress,” and both countries are now close to reaching an interim deal.

The Union Minister shared this information during an interaction with leading figures from the international business community in New York on Thursday night.

In a post on X, Goyal said he interacted with more than 50 global business and industry leaders during a roundtable meeting in New York. He stated that the event was organised by the Consulate General of India in New York in collaboration with the US-India Strategic Partnership Forum.

Goyal said the discussions highlighted India’s strong growth story under the leadership of Prime Minister Narendra Modi, the country’s reform-driven business environment, and expanding opportunities for global investors. He added that the meeting also explored ways to further deepen India-US partnerships in trade, investment, innovation, and supply-chain integration for shared prosperity.

The minister also held bilateral meetings with several prominent industry leaders. During his meeting with Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, discussions focused on strengthening long-term investments and institutional partnerships in India. He also met Chip Kaye, Chairman of Warburg Pincus, to deliberate on the global investment landscape and India’s emerging economic opportunities.

Goyal further said that in his meeting with Chintu Patel, Co-Founder and Co-CEO of Amneal Pharmaceuticals, discussions were held on expanding investment and innovation opportunities in India’s pharmaceutical sector. In addition, during talks with Michael Miebach, Chief Executive Officer of MasterCard, the minister explored avenues for enhanced cooperation in digital commerce, digital security, and next-generation payment systems.

In a separate statement, the USISPF said that Goyal emphasised that investor confidence, business stability, and a strong regulatory environment remain among the Government of India’s top priorities.

Earlier, between May 25 and 27, a business delegation of more than 150 members led by Goyal visited Canada, where the Commerce and Industry Minister made efforts to attract investment, enhance cooperation, and accelerate progress on the proposed free trade agreement.

Notably, a US delegation is scheduled to visit New Delhi from June 1 to 4, 2026. During the visit, both countries are expected to finalise the draft of the interim trade agreement and further discussions under the proposed comprehensive bilateral trade pact on issues including market access, non-tariff measures, and customs facilitation.

---------------

Hindusthan Samachar / Jun Sarkar