India ready for trade deals but not to meet deadlines, minister says
U.S. President Donald Trump has threatened to impose a 26% tariff on all imported Indian goods, among the tariffs due to take effect next week on countries around the world who fail to reach agreements before a deadline he set in April.
'Free trade agreements are possible only when there is two-way benefit, it should be a win-win agreement,' Goyal told reporters.
'National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries,' he said.
'India never does any trade deal on the basis of deadline or time frame…we will accept it only when it is completely finalised and in the national interest.'
Indian officials returned from Washington this week after an extended visit to iron out lingering concerns on both sides. Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods.
Why are farm goods holding up the India-US trade deal?
India is resisting opening up its agriculture and dairy sectors while asking for a favourable tariff for its goods entering the U.S. compared to countries like Vietnam and China.
Separately, India proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification.
Prime Minister Narendra Modi and Trump had earlier agreed to sign a bilateral trade agreement to expand trade to $500 billion by 2030, up from $191 billion in 2024.
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