India Prioritises National Interest Over Timelines in Trade Talks with US: Piyush Goyal.
Union Commerce and Industry Minister Piyush Goyal on Friday made it clear that India will not commit to any trade agreement — including with the United States — based on external deadlines. His remarks come amid speculation that India and the US are close to finalising an interim trade pact before July 9, when Washington’s 90-day suspension of additional tariffs ends.
“India negotiates on its own terms. We do not sign trade deals based on timelines. Agreements will only be finalised when they are in the national interest and mutually beneficial,” Goyal said, referring to ongoing talks with the US and other partners including the EU, New Zealand, Chile, Oman, and Peru.
Ongoing US Talks
A senior Indian delegation, led by Chief Trade Negotiator Rajesh Agrawal, recently returned from Washington after holding discussions with US officials on a proposed interim agreement. According to officials, key issues remain unresolved — particularly in the agriculture and automobile sectors — and further rounds of negotiations are expected.
Tariffs and Key Demands
In April, the US imposed an additional 26% tariff on Indian goods, which was temporarily suspended for 90 days. India is pressing for a full exemption from this duty. However, a separate 10% baseline tariff remains in force.
Meanwhile, the US is seeking duty reductions on a range of goods including industrial products, electric vehicles, wines, and petrochemicals. India, on the other hand, is pushing for greater market access and tariff cuts on labour-intensive exports such as textiles, gems and jewellery, leather goods, chemicals, shrimp, oilseeds, bananas, and grapes.
Long-Term Trade Ambitions
Both sides are working toward concluding the first phase of a broader bilateral trade agreement (BTA) by September or October. The pact aims to significantly boost bilateral trade — with a shared target of reaching USD 500 billion by 2030, up from the current USD 191 billion.
Despite pressure linked to the July 9 tariff deadline, the Indian government has reiterated that national interest and strategic advantage will dictate the pace and content of any trade deal.
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