'India Negotiates On Its Own Terms': Piyush Goyal Suggests No Timeline For US Trade Deal
Goyal said India discusses on its terms, and discussions are ongoing with various countries regarding trade agreements
Piyush Goyal, Union Minister for Trade and Commerce, on Friday said India will not sign any trade deal with the United States based on a timeline, while asserting that New Delhi negotiates agreements on its own terms.
Goyal's remarks came amid reports that India is likely to finalise the trade deal with the US before July 9, which marks the end of the 90-day suspension period of US President Donald Trump's tariffs imposed on dozens of countries, including India.
'Whether it is the European Union, New Zealand, Oman, the United States, Chile, or Peru, negotiations for agreements are underway with many countries. A free trade agreement happens only when there is mutual benefit. When the deal is made while safeguarding India's interests, keeping in mind that national interest will always remain paramount, then India is always ready to make deals with developed countries… India never makes a trade deal based on a timeline; when the deal is good, fully matured, and in the national interest, then we accept it," the minister said on on being asked about the trade deal with the United States.
Meanwhile, an Indian team has returned from Washington after holding talks with the US on an interim trade pact, news agency PTI reported citing an official.
The Indian team is led by chief negotiator Rajesh Agrawal, who is a special secretary in the department of commerce.
'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.
On April 2, the US imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days. However, the 10 per cent baseline tariff imposed by America remains in place. India is seeking full exemption from the additional 26 per cent tariff.
The US also wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, and petrochemical products.
On the other hand, India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact.
The two countries are also looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. The pact is aimed at more than doubling bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.
(With PTI inputs)
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