‘We negotiate good trade deals, but never with a deadline’: Piyush Goyal on talks with US

Amid ongoing trade and tariff discussions with the United States, Commerce and Industry Minister Piyush Goyal on Tuesday said that India’s trade negotiations are guided by principles of fairness, substance, and mutual benefit rather than being dictated by deadlines.

“We never negotiate trade deals with a deadline – we only negotiate good trade deals which are mutually beneficial,” News 18 quoted Goyal as saying at an industry chamber event focused on sustainability.

Emphasising that India does not operate under pressure to finalise agreements hastily, he added, “We are always open for an equitable and mutually beneficial trade deal.”

Goyal also confirmed that India is in active discussions with the US on a bilateral trade agreement (BTA).

“We are in dialogue with the US for a BTA,” Goyal added.

Negotiations on the pact, which began in March, have seen five rounds of talks completed. However, following the imposition of a 50% duty on Indian goods by Washington starting August 27, the US side postponed its scheduled visit for the sixth round, initially set for August 25.

Goyal said India is also getting new trading arrangements with countries such as European Union, Chile, Peru, New Zealand, Australia, Oman and has already concluded deals with EFTA bloc, UK, UAE.

“Lots have happened and lots more to go,” Goyal said, noting that India contributes 18% to global growth.

As reported by The Economic Times on August 28, India is hopeful of restarting talks with the US on a proposed bilateral trade agreement (BTA), with resolving the steep 50% tariffs on Indian goods seen as key to a breakthrough.

Bloomberg also reported that informal discussions are ongoing, and India has no immediate plans to retaliate against the tariff hike.

Indian exporters are grappling with a major trade shock after the US imposed an additional 25% tariff on Indian goods from August 27— doubling the total duty to 50%.

The move, linked to India’s continued imports of Russian oil, has drawn criticism from US officials, including White House trade adviser Peter Navarro and Treasury Secretary Scott Bessent, who accused India of indirectly funding Russia’s war in Ukraine.

With inputs from agencies