India-US Trade Deal: Union Commerce Minister Piyush Goyal on friday said that India is not rushing to finalise any major trade agreement based on arbitrary deadlines. He said that India will only proceed if the outcome is mutually beneficial.
According to rreports, India and the US are nearing the conclusion of an interim trade deal with Donald Trump’s so called July 9 deadline.
Piyush Goyal Says India-US Trade Deal Should Be A Win-Win For Both Countries
Goyal was speaking at the 16th Toy Biz B2B Expo in Delhi, saying that India’s approach to international trade negotiations is guided by firm principles and India’s national interest. He said that any trade deal with US should be a win-win situation for both countries.
“It should be a win-win agreement, and only when India’s interests are safeguarded—national interest will always be supreme—and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” Goyal said.
Also Read: India Will Sign Trade Deals Only If National Interest Is Secured: Piyush Goyal
India-US Interim Trade Deal Nears Final Stage, Reports
The ongoing discussions with the United States are particularly significant as the suspension of reciprocal US tariffs is set to expire on July 9. India is seeking greater market access for its labour-intensive goods, while the US is pushing for duty concessions on its agricultural products. Both sides are aiming to conclude negotiations before the tariff deadline.
“Discussions are ongoing with various countries—be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,” Mr Goyal noted, underlining India’s broader global trade engagement.
Goyal Says There Will Be No Trade Deals Under Pressure
Goyal said that India does not enter into free trade agreements under time pressure.
“A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” he said.
His comments are on the same line made by External Affairs Minister S. Jaishankar, who, in the context of buying Russian oil amid Western sanctions, stated that India would purchase oil from anyone offering the best price or deal in the interest of its citizens.
The anticipated India-US interim trade deal is expected to be announced soon but will have to carefully address sensitive agricultural issues. Regardless of the final shape of the agreement, agriculture is likely to remain a contentious point.
“This is because farmers occupy an enormously important cultural space in all of our countries,” Atul Keshap, president of the United States India Business Council (USIBC), told NDTV on Thursday.
Also Read: U.S.-Vietnam Trade Deal Sparks Urgent Challenge and Questions for Vietnam’s Economy
