New Delhi [India], February 3 (ANI): Commerce and Industry Minister Piyush Goyal has said that the India-US trade deal unlocks the power of two large democracies working together for the shared prosperity of their people, and the bilateral partnership will co-create technologies and co-develop solutions.

He said the trade deal unlocks unprecedented opportunities for farmers, MSMEs, entrepreneurs, and skilled workers.

In a post on X, Goyal also said that the trade deal will help India get technology from the United States and accelerate India's journey towards Viksit Bharat 2047.

He lauded Prime Minister Narendra Modi and US President Donald Trump for the trade deal.

'Congratulations to Prime Minister @NarendraModi ji and President @RealDonaldTrump as well as to the people of India and the United States, on the landmark trade agreement. This reflects the power of two like-minded, fair-trading democracies working together for shared prosperity,' he said.

'Grateful for PM @NarendraModi ji and President @realDonaldTrump visionary and decisive leadership, and strong commitment to strengthening India-U.S. ties,' he added.

He said the trade deal also opens opportunities for Make in India for the world, Design in India for the world, and Innovate in India for the world.

'This unlocks the power of two large democracies working together for the shared prosperity of their people. Both India and US are natural allies and our partnership will co-create technologies, co-develop solutions, and work together for peace, growth, and a brighter future for India and US,' he said.

'This agreement unlocks unprecedented opportunities for farmers, MSMEs, entrepreneurs, and skilled workers to Make in India for the world, Design in India for the world, and Innovate in India for the world. It will help India get technology from the US. It is not just a trade deal - it is a historic turning point that will reshape India-U.S. relations and accelerate our journey towards Viksit Bharat 2047,' he added.

The trade deal with the United States comes within a week of India signing a landmark trade deal with the European Union.

PM Modi on Monday said that it was wonderful to speak with his 'dear friend President Trump' today and expressed delight that Made in India products will now have a reduced tariff of 18%.

'Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,' PM Modi said in a post on X.

The Prime Minister said that when two large economies and the world's largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation.

'President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,' PM Modi said.

India and the European Union (EU) had on January 27 announced the conclusion of negotiations for a Free Trade Agreement (FTA), an important milestone in one of India's most strategic economic partnerships.

The Ministry of Commerce and Industry had said in a release that the FTA responds to contemporary global challenges while enabling deeper market integration between the world's fourth and second largest economies.

'With a combined market estimated at over Rs 2091.6 Lakh Crore (USD 24 trillion), bringing unparalleled opportunities for the 2 billion people of India and the EU, the FTA unlocks significant potential for trade and innovation. The FTA delivers unprecedented market access for more than 99 per cent of India's export by trade value, while preserving policy space for sensitive sectors and reinforcing India's developmental priorities,' the release said.

President Trump on Monday said he and PM Modi 'have agreed to a Trade Deal' between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%.

In a post on his social media handle Truth Social, Trump referred to his conversation with Prime Minister Narendra Modi earlier in the day.

Trump said PM Modi was one of his greatest friends and a powerful and respected leader of his country.

The US President also said PM Modi and he are two people that get things done.

He claimed that the Prime Minister had agreed to 'stop buying Russian Oil', and to buy much more from the United States.

'It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine,' Trump said in his post.

'He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%,' he added.

Trump said India will reduce tariffs and non-tariff Barriers against the United States.

'They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to 'BUY AMERICAN,' at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!' Trump added.

India and the US had made significant progress on the trade deal and there were expectations of the two countries reaching an agreement soon.

The India-US Bilateral Trade Agreement, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modi's visit to Washington in February 2025.(ANI)