Union Commerce and Industry Minister Piyush Goyal has reaffirmed India's unwavering stance on international trade negotiations, stating that the country will not enter into agreements that compromise national interests, regardless of external pressure.
His remarks come shortly after the United States announced a temporary 90-day suspension of additional tariffs on Indian goods, signaling a potential breakthrough in the long-discussed India-US bilateral trade agreement (BTA).
“We have said it time and again—India does not negotiate under pressure,” Goyal told reporters, referring to talks with the US. “Deadlines are useful to keep momentum, but rushing into deals without safeguarding national interests is not acceptable.”
Goyal’s comments underscore India’s measured approach as both countries work to finalize the first phase of a trade deal, possibly as early as September 2025. A senior official involved in the discussions hinted that an "early harvest" agreement addressing key tariff and non-tariff barriers may be the first step toward a broader deal.
The BTA talks follow the recent finalization of terms of reference (ToRs) that aim to remove trade barriers, expand market access, and strengthen supply chain resilience between the two nations. Negotiations are now advancing via virtual platforms, building on face-to-face meetings held in New Delhi from March 26 to 29. Those initial sessions, led by Assistant US Trade Representative Brendan Lynch and India’s Additional Secretary Rajesh Agrawal, were described as “cordial and constructive.”
A joint goal—informally dubbed Mission 500—has been set by Prime Minister Narendra Modi and former US President Donald Trump to boost bilateral trade from $200 billion to $500 billion by 2030. While current discussions began under Trump’s administration, the momentum has continued with growing urgency, according to both sides.
Foreign Minister S. Jaishankar echoed Goyal’s sentiments, suggesting India is eager for resolution but will remain cautious. “This is not an open-ended process,” he said, noting that an agreement in principle was reached within a month of the U.S. administration’s changeover.
Adding further impetus to the talks, the US has paused a 16% additional reciprocal tariff on Indian goods—part of a global measure implemented in April—until July 9, 2025. This suspension opens a critical window for negotiators to deliver meaningful progress.
Goyal emphasized that all ongoing trade talks are guided by the ‘India First’ approach, aligned with the broader vision of Viksit Bharat 2047, a roadmap to transform India into a developed nation.
(This story is published from a syndicated feed)