Piyush Goyal says India-US trade talks progressing well despite issues
Piyush Goyal says India-US trade talks are progressing well, with both sides focused on national interests and a deal to boost bilateral trade
Union Commerce Minister Piyush Goyal on Wednesday (November 5) said talks with the US regarding the India-US Bilateral Trade Agreement were "going on very well", adding that it will take time to strike the deal as there are many “sensitive and serious issues” involved.
"Talks are going on very well. There are many sensitive issues, many serious issues, so naturally, it takes some time," Goyal told ANI.
‘Agreement language being decided’
According to media reports, his comments come days after a government official stated that India and the US were very close to finalising the first tranche of the Bilateral Trade Agreement.
Also Read: Piyush Goyal says no India-US trade deal without safeguards for farmers, MSMEs
The report further stated that the official said that both sides have converged on most of the issues, adding that negotiators from both countries are working on framing the "language of the agreement".
‘No deal against India’s interests’
Earlier, Goyal had said that there will be “no agreement unless we fully address the interests of the nation, including India’s farmers, India’s fishermen, India’s MSME sector.”
Also Read: India in talks with US, EU and others for trade pacts, says Piyush Goyal
The Union Minister noted that while trade discussions with the US are proceeding in a “very cordial atmosphere,” they are not bound by deadlines.
He also emphasised that the proposed India‑US trade pact must not compromise national safeguards, as the US is “seeking concessions in India’s agriculture sector.”
Aims to double bilateral trade
Negotiators from both sides on October 23 held a virtual meeting, marking the completion of five rounds of talks for the first phase of a bilateral trade agreement.
Initially set to be finalised by "fall 2025," the deal aims to more than double trade volumes from $191 billion to $500 billion by 2030.
Also Read: Piyush Goyal says India will boost energy trade with the US
Goyal led the negotiations in the US in September, accompanied by senior officials, including India's Chief Negotiator Rajesh Agrawal.
In mid-September, a US delegation led by Assistant US Trade Representative Brendan Lynch held "positive and forward-looking" discussions with India's Department of Commerce.
Trump’s tariffs and trade deal
Despite the trade tensions, including the imposition of tariffs by the US, both countries are pushing for an interim deal. US President Donald Trump initially imposed 25 per cent tariffs in August, which were later raised to 50 per cent due to India's continued imports of Russian oil. Washington claimed that Moscow was using the revenue from India’s oil purchase to fund its war in Ukraine.