Piyush Goyal: India-US Trade Talks Moving Forward Cordially

Commerce Minister Piyush Goyal on Saturday reaffirmed that discussions over the India-US Bilateral Trade Agreement (BTA) are “progressing in a cordial manner,” while making it clear that India’s national interests remain non-negotiable.

Speaking at an interaction with reporters, Goyal underlined that trade negotiations should not be guided by arbitrary deadlines but by the principles of protecting domestic stakeholders. “There is no agreement unless we fully address the interests of the nation – India’s farmers, India’s fishermen, and India’s MSME sector,” he emphasized.

Piyush Goyal: Talks Making Headway but No Rush for Closure

The Commerce Minister reiterated that while talks are on track, India will not compromise on critical concerns. “I believe the talks are progressing in a very cordial atmosphere. Free trade agreements or trade talks are never based on deadlines. The talks are ongoing and we will definitely inform you when we reach a decision,” he added.

The latest round of discussions was held in Washington this week, led by Commerce Secretary Rajesh Agrawal, who engaged with his US counterparts to iron out contentious issues. The negotiations follow the directive of Indian and US leaders earlier this year to conclude the first tranche of the pact by October-November 2025, aiming to boost bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

Trump’s Tariffs Cast a Shadow

The ongoing talks are taking place against a challenging backdrop, with the Trump administration imposing heavy tariffs on Indian exports. A total of 50% tariffs have been levied on Indian goods, over and above the existing 10% import duties.

In August 2025, the US imposed two successive rounds of 25% tariffs, which came into full effect on September 27. Most recently, on October 1, President Trump announced a 100% tariff on branded and patented pharmaceutical products, in addition to new duties of 25–50% on household items such as kitchen cabinets and upholstery.

These trade barriers have already hit India’s export sector. Commerce Ministry data reveals that merchandise exports to the US fell by 11.93% in September, amounting to USD 5.46 billion, while imports from the US rose by 11.78% to USD 3.98 billion in the same period.

Piyush Goyal: India Holds Its Ground

Despite the economic strain, India continues to assert its position firmly. Goyal has repeatedly stressed that the India-US Bilateral Trade Agreement will move forward only if it safeguards the backbone of India’s economy – its agricultural community, fishing industry, and micro, small, and medium enterprises (MSMEs).

The Minister also recalled his recent visit to New York last month for trade talks, which marked the fifth round of negotiations between the two countries. With both sides showing willingness to find common ground, the dialogue remains alive, though far from complete.

A Critical Partnership

The United States has been India’s largest trading partner for four consecutive years, with bilateral trade valued at USD 131.84 billion in 2024–25. Strengthening this economic partnership is a top priority for New Delhi and Washington, despite rising tensions over tariffs.

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