Our Bureau
New Delhi
Commerce and Industry Minister Piyush Goyal on Friday emphasised that India will only enter into trade agreements, including the proposed US Bilateral Trade Agreement (BTA), when they serve the country’s national interests and offer mutual benefits.
Speaking on the sidelines of the 16th Toy Biz B2B expo in New Delhi, Goyal made it clear that India’s approach to international trade negotiations remains firm and principled.
“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,” the minister stated.
Goyal emphasised that India negotiates on its own terms.
The minister revealed that India is currently engaged in trade discussions with multiple countries across different continents.
“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,” he said.
However, Goyal stressed that the multiplicity of negotiations does not mean India is in a rush to conclude deals. “A Free Trade Agreement is only possible when there is mutual benefit,” he explained.
“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,” Goyal stated.
This approach reflects India’s confidence in its negotiating position and its commitment to securing favourable terms for its economy and businesses.
Earlier, US State Department Deputy Spokesperson Mignon Houston on Wednesday (local time) said that India is an “essential partner” for Washington in the Indo-Pacific region, as talks continue for a bilateral trade agreement between the two nations.
Houston underlined the United States’ aim of establishing a “fair and reciprocal” trade relationship with its partners, in line with the Trump administration’s “America First” agenda.
“We want trade that is fair and reciprocal. Working closely, India is an essential partner in the Indo-Pacific and the Quad. We expect that all our partners understand why this is so important to the ‘America First’ agenda, that we look for trade policies that have a fairness, reciprocal, balanced way to ensure that all parties benefit,” Houston said.
She defended the Trump administration’s decision to impose tariffs, saying unfair trade practices had harmed American farmers and industries.
“I can say writ large as it relates to the United States’ position that these tariffs are a way for countries to meet us at a place of fairness. The United States has an open economy, but there are unfair trade policies that have impacted US farmers and industries,” she said.
Talks between India and the US on a Bilateral Trade Agreement (BTA) are underway, with a July 9 deadline fast approaching. The deadline marks the end of a 90-day pause on reciprocal tariff hikes.
On Tuesday, US President Donald Trump said that a trade deal between India and the United States was likely soon and promised reduced tariffs.
“I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs,” Trump said.
Meanwhile, India has taken a firmer stand on agricultural issues as the negotiations continue.
A senior official warned that failure to reach an agreement would result in the return of a 26 per cent tariff structure that had been temporarily suspended for 90 days. These tariffs were first imposed during the Trump administration on April 2.
“The failure of these trade discussions would trigger the immediate reimplementation of the 26 per cent tariff structure,” the official said.
