Union Minister of Commerce and Industry Piyush Goyal announced on Saturday that the proposed trade agreement between India and the United States will be finalised with due consideration to changing circumstances. While a framework for an interim trade deal was initially reached in February, the Minister indicated that shifting dynamics necessitate a revised approach. Addressing members of the PHDCCI industry chamber in New Delhi, Mr. Goyal noted that evolving tariff landscapes in the U.S. have prompted further negotiations regarding the first phase of the bilateral trade agreement.
India continues to seek reduced tariffs for its goods to ensure they remain competitive in American markets. The Minister’s remarks follow a recent meeting with U.S. Trade Representative Jamieson Greer held on the sidelines of a G20 trade ministers’ summit in Milwaukee, where the two discussed outstanding trade issues. Despite these ongoing bilateral discussions, Mr. Goyal maintained that the focus remains on securing favorable terms for Indian exports.
Beyond the U.S. deal, the government is actively pursuing trade agreements with several other international partners. Negotiations with Canada are progressing at an accelerated pace, and discussions with the South Africa-led SACU group are scheduled to commence shortly. Furthermore, trade talks with Mexico are set to launch next week. The Minister also highlighted that active engagement continues with the Gulf Cooperation Council (GCC), Israel, Chile, and the Russia-led Eurasian Economic Union (EAEU).
Meanwhile, the government is preparing for high-level diplomatic visits. Trade ministers from the United Kingdom and Canada are expected to visit India next week. The U.K. delegation will participate in the India-U.K. Joint Economic and Trade Committee (JETCO) meeting to discuss ongoing economic cooperation. Addressing separate political developments, Mr. Goyal also criticised recent comments made by Congress leader Rahul Gandhi regarding the President of India, labeling the behaviour as objectionable.
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