India always ready to conclude trade pact with low hanging fruits: Piyush Goyal on US trade deal
India is prepared to finalise a trade agreement with the US by first addressing low-hanging fruits, Commerce Minister Piyush Goyal said on Monday on the proposed bilateral trade pact.The remarks assume significance as the US team is in New Delhi for the trade talks with their Indian counterparts. The week-long deliberations will conclude on June 10.Goyal is on an official visit to meet Swiss leaders and businesses here.When asked if something can be concluded before July 9, he said: "I am a born optimist".It is not necessary to wait for every issue in a trade agreement to be resolved, he added.
When asked if it will be low-hanging fruits, he said, "India is always ready for that and I believe that" the things, which are not controversial, the low-hanging fruits, should be captured first as those sectors will start getting profits.It is not necessary to wait for everything and why waste time until it is perfect, he said.Citing an example of the trade agreement with Australia, he said both countries implemented an interim trade deal and are now negotiating to widen its scope.
The US team is in New Delhi for the next round of negotiations on the proposed bilateral trade agreement and the talks are progressing well. In February, US President Donald Trump and Prime Minister Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025.It is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current level of USD 191 billion.Goyal is here on an official visit to hold talks with Swiss leaders and business representatives to boost trade and investments.
The visit of the US official team gains importance as India and America are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. The US has suspended the proposed tariffs till July 9. There are expectations that an interim rate deal could be finalised before that.India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, had concluded his four-day visit to Washington last month.He held talks with his US counterpart on the proposed agreement.Goyal was also in Washington to give an impetus to trade talks.The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion.
The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade.
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