In a strong statement amid the global tariff war initiated by US President Donald Trump, Union Commerce Minister Piyush Goyal made it clear that India’s interests will always be prioritised and that no deal will be signed under pressure.
He added that no negotiation will be done in haste and that India’s talks with the US on the proposed bilateral agreement are progressing well.
"Humne pahle bhi kai baar kaha hai ki hum banduk rakhke kabhi negotiate nai karte hain (I have said it many times earlier, we do not negotiate at the gunpoint),” Goyal said.
“Sammay ki pabandiyaan acchhi rahti hain ki wo protsaahit karti hain ki baat teji se ho. Lekin jab tak desh hit aur jan hit ko hum surakshit na rakh saken, tab tak kabhi bhi jaldbazzi karna accha nai hai (Time restrictions are good as they encourage us to negotiate swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty)."
On April 2, US announced an additional 26 per cent tariff on Indian goods entering the country. However, on April 9, it was suspended for 90 days – until July 9, 2025. The 10 per cent baseline tariff will continue.
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An interim trade deal is expected to be ready during the 90-day tariff suspension period. PTI quoted an official as saying that the US and India have finalised the terms of reference (ToR) to start negotiations for the agreement.
The first phase of the trade agreement is expected to be completed by September-October this year. The official also told PTI that US Vice President J.D. Vance is likely to travel to India.
The US was India's largest trading partner from 2021-22 to 2023-24. It accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade. The countries are looking to double the bilateral trade to $500 billion by 2030 from about $191 billion currently.
