‘India Negotiates on Its Terms’: Piyush Goyal Indicates No Deadline for US Trade Pact

Piyush Goyal: India Won’t Sign Trade Deals on Deadlines, Talks with US to Continue.

Union Commerce and Industry Minister Piyush Goyal on Friday clarified that India will not enter into trade agreements based on externally imposed timelines, including with the United States. His statement comes amid speculation that India and the US are close to finalising an interim trade pact before the July 9 expiry of a 90-day tariff suspension imposed by Washington.

Speaking to reporters, Goyal said, “Whether it is the European Union, New Zealand, Oman, the United States, Chile, or Peru — India is engaged in free trade agreement (FTA) negotiations with several countries. But a deal will only be signed when it is in India’s national interest. India does not follow deadlines; we move when deals are mutually beneficial and fully matured.”

Trade Talks with the US Ongoing
An Indian delegation, led by Special Secretary (Commerce) and Chief Negotiator Rajesh Agrawal, recently returned from Washington after engaging in discussions with US officials on the contours of a proposed interim trade agreement.

“Negotiations will continue. There are still unresolved issues in key sectors like agriculture and automobiles,” a senior official told PTI.

Tariffs, Concessions at the Centre of Talks
On April 2, the US imposed a 26% reciprocal tariff on Indian goods, but later suspended it for 90 days — a window that ends on July 9. India is seeking permanent exemption from this additional duty, though a 10% baseline tariff imposed by the US still remains in effect.

Washington is reportedly pushing for tariff reductions on industrial goods, electric vehicles, wine, and petrochemical products. In response, India is asking for duty cuts on labour-intensive exports such as textiles, gems and jewellery, leather, chemicals, shrimp, and agricultural products like bananas, grapes, and oilseeds.

Bilateral Trade Goals
Both countries are aiming to conclude the first tranche of the bilateral trade agreement (BTA) by fall 2025, targeting a long-term goal of increasing bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion.

Despite the urgency created by the tariff suspension window, India remains firm on securing terms that protect its strategic and economic interests, Goyal reiterated.