Cairo [Egypt], November 15 (ANI): The United States has assured India of preferential trade access with lower duties than its competing countries, Union Commerce and Industry Minister Piyush Goyal said, adding that the commitment was part of a broad framework agreement reached between Prime Minister Narendra Modi and US President Donald Trump a few months ago.
"India will get preferential trade access in the US with lower duty than our competitor countries," Goyal said while addressing the media after attending a community event organised by the Indian Community Association in Egypt.
Responding to a question on reports of the US offering India a competitive trade advantage, the minister said the commitment had already been agreed upon by the leadership of both countries.
"This was already agreed between the leaders, President Trump and Prime Minister Modi, when they announced that we have both come to a broad framework agreement a few months ago," he said.
His remarks come as India and the US continue negotiations towards a bilateral trade agreement (BTA), following the announcement of a framework for an interim trade agreement in February 2026. The two countries have been working towards expanding market access, addressing tariff and non-tariff barriers and strengthening bilateral trade ties.
On India-Egypt economic relations, Goyal said there was considerable scope for both countries to expand trade and investment, given their complementary economic strengths.
"When we look at the areas of strength between Egypt and India, there are very few areas where we are in competition. We can be each other's support," he said.
He added that both countries could expand cooperation in goods and services trade, start-ups, research and education. Referring to discussions with Egyptian business representatives, Goyal said several major business houses had expressed interest in investing in India, including in sectors such as education and food processing.
The minister said the growing engagement between businesses and governments of both countries would help strengthen their strategic partnership.
Highlighting Egypt's geographical and economic importance, Goyal described the country as a potential gateway for India to expand its engagement with Africa.
"Africa is a very important partner for India. Egypt is a very important partner. Egypt will become the gateway to Africa," he said.
He also recalled India's G20 presidency in 2023, during which the African Union was admitted as a permanent member of the grouping.
Goyal said his two-day visit would include meetings with Egyptian counterpart ministers, the country's Prime Minister and business representatives, adding that several announcements were expected during the visit.
He expressed confidence that the engagement would promote greater trade in goods and services and encourage investments between the two countries. (ANI)
US assures India preferential trade access with lower duties than competitor countries: Piyush Goyal
