Daijiworld Media Network – New Delhi
New Delhi, Apr 12: Union minister Piyush Goyal made it clear that India will not be forced into making any trade deals or decisions under pressure, especially when it comes to safeguarding the interests of its people. His comments followed US President Donald Trump’s recent announcement of a 90-day pause on tariffs imposed on India. This pause is seen as a limited opportunity for both countries to work out a bilateral trade agreement (BTA) that is still under negotiation.
Goyal reiterated India’s stance on trade talks, saying, "Humne pehle bhi kai baar kaha hai ki hum banduk rakhke kabhi negotiate nai karte hain," translating to "I have said it many times before that we do not negotiate at the gunpoint." He stressed that while time constraints can accelerate negotiations, hasty decisions that could harm national interests are never in India’s best interest.
The ongoing discussions focus on finalizing the terms of a bilateral trade agreement aimed at removing tariff and non-tariff barriers, expanding market access, and enhancing supply chain resilience. The two countries are negotiating sector-specific issues through virtual meetings, having finalized broad-based terms of reference (ToRs) in New Delhi. Officials have expressed optimism that they will be able to finalize the first part of the agreement by the fall of 2025.
India and the US share a target of boosting bilateral trade from the current $200 billion to $500 billion by 2030, a goal known as ‘Mission 500.’ Minister Goyal emphasized that the trade talks are progressing well, aligned with the broader vision of a ‘Viksit Bharat 2047.’ While the negotiations are moving ahead, the minister also warned against rushing to finalize the deal without ensuring that it fully serves India’s interests.
The first round of face-to-face negotiations took place in New Delhi from March 26 to 29, led by assistant US Trade Representative Brendan Lynch and India’s additional secretary Rajesh Agrawal. These discussions were described as cordial, and both sides expressed a shared commitment to reaching an initial agreement by September. Since then, several video conferences have taken place to iron out sector-specific details.
On Friday, India’s foreign minister S Jaishankar added that India is keen to conclude the trade agreement swiftly, noting that the process was already underway within a month of the change in the US administration.
In a significant development, the US has suspended an additional 16% reciprocal tariff on Indian goods, including a 10% baseline tariff imposed globally from April 2, until July 9, 2025. This gives both countries a critical window to finalize the trade deal.