Only Fair and Balanced Agreements Will Be Signed, Minister Reaffirms
Commerce and Industry Minister Piyush Goyal said on Friday that India will not sign any trade agreement under pressure or deadlines. Talks with the United States are still going on, but India will only accept a deal that is fair, fully finalised, and in the country’s best interest, he explained.
India Will Not Accept Deadline-Based Deals
Speaking about the much-anticipated India-US trade pact, Goyal clearly stated:
“India never does any trade deal based on a deadline or time frame. When the deal is done properly and aligns with the national interest, only then will we accept it.”
He also said that while discussions with the Donald Trump administration are still underway, India won’t be rushed into signing anything.
National Interest Comes First
Goyal highlighted that India is in talks with multiple countries for trade agreements, including:
- European Union
- New Zealand
- Oman
- Chile
- Peru
“National interest should always be supreme,” the minister said. “If a trade deal meets that condition, India is ready to engage with developed countries.”
At this time, there are no plans for another Indian delegation to travel to Washington for more negotiations.
Trump’s Tariff Deadline Approaches
The urgency in talks comes because the 26% reciprocal tariffs put in place by the US under President Trump are set to expire on July 9. India is hoping to get a full exemption from these extra taxes, but is also trying to protect sensitive sectors like dairy and agriculture.
Recent rounds of discussions took place between June 26 and July 2. Although many points have been agreed upon, a few issues in the agriculture and auto sectors still remain.
Goal: $500 Billion in Trade by 2030
Both sides are aiming to:
- Finish the first part of the trade agreement by September–October
- Double bilateral trade from the current $191 billion to $500 billion by 2030
According to recent numbers, in April–May 2025:
- India’s exports to the US rose 21.78% to $17.25 billion
- Imports from the US increased 25.8% to $8.87 billion
Status of Negotiations
A senior Indian trade official told Reuters that India’s main negotiation team, led by Rajesh Agrawal, has returned from Washington after another round of talks.
“Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture and auto sectors,” the official said.
An official announcement might still come before July 9, depending on progress in the next few days.
What Each Side Wants
The US is asking India to cut duties on several products, such as:
- Electric vehicles
- Industrial goods
- Wines and petrochemicals
- Apples and tree nuts
- Genetically modified crops
India, in return, wants:
- More market access
- Lower tariffs on labour-intensive sectors like:
- Textiles and garments
- Jewellery and leather
- Shrimp, bananas, grapes, and oil seeds
- Plastics and chemicals
India has also been firm on keeping its dairy sector protected, and has not opened it up in any trade agreement so far.