Indian Commerce Minister Piyush Goyal has urged American manufacturing firms to scale up their presence in India, establish joint ventures with domestic small and medium-sized enterprises (SME) and directly co-invest in advanced manufacturing verticals to foster resilient bilateral supply chains.

Taking to his official X (formerly Twitter) account, Goyal confirmed that he addressed an executive business roundtable hosted by the National Association of Manufacturers (NAM), which convened industry delegates representing both small-scale and major manufacturing corporations from across the United States.

“Addressed a Business Roundtable convened by the National Association of Manufacturers (NAM), bringing together representatives of small & large manufacturers from across the US,” the post read.

Underscoring the ongoing momentum in economic relations between New Delhi and Washington, the Commerce Minister pointed to India’s rapidly expanding industrial ecosystem and deep pool of skilled talent while encouraging American enterprise leaders to capitalize on emerging trade and investment avenues in the country.

“Highlighted the strong momentum in India-US economic ties, along with India's expanding industrial base & skilled workforce,” he noted.

Goyal specifically advocated for US firms to embed themselves further within the Indian market by collaborating with local small and medium enterprises and entering into joint investments targeted at advanced manufacturing technology.

“Invited American manufacturers to explore opportunities to deepen their presence in India, partner with Indian SMEs, and co-invest in advanced manufacturing to build resilient supply chains that create value for both economies,” he added.

Prior to the event, Goyal stated that the long-deliberated India-US bilateral trade agreement was virtually “done and dusted,” explaining that both nations would execute the formal pact as soon as Washington grants Indian exports the requisite competitive edge against rival market players within the US economy.

Concurrently, a senior US State Department official informed news agency ANI that the draft trade agreement stands “90 per cent completed,” with only remaining operational details left to be finalized.

The official characterized the pending trade agreement as the primary “sticking point” in broader bilateral ties, emphasizing that its formal conclusion possesses the potential to “unleash another level” of Strategic and Economic integration between India and the United States.

Adding further diplomatic perspective, India's External Affairs Minister S. Jaishankar reaffirmed that the proposed trade framework remains at an advanced stage of negotiation.

However, Jaishankar highlighted that ongoing structural adjustments in the US tariff landscape alongside the active Section 301 review process continue to serve as decisive variables impacting the precise timeline for its official execution.

Under Section 301 of the US Trade Act of 1974, the Office of the United States Trade Representative (USTR) holds statutory authority to investigate foreign commercial practices deemed unfair, discriminatory, or burdensome to US business interests, enabling Washington to enforce compensatory trade measures in response.

Source: ANI