Trade Talks
To prioritise local interest in US trade talks, won't rush - Minister Goyal
This story was originally published at 13:19 IST on 11 April 2025
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--Minister Goyal: Need to take steps to expedite conclusion of FTA with EU
--CONTEXT: Minister Goyal speaking at Italy-India business forum
--Minister Goyal: All ongoing trade deal negotiations progressing steadily
--Minister Goyal: To prioritise national interest in trade talks with US
--Minister Goyal: Do not want to rush negotiations for trade deal with US
NEW DELHI – India does not want to rush to close the negotiations for a trade pact with the US, Commerce and Industry Minister Piyush Goyal told then media when asked about New Delhi's strategy on the trade talks with Washington until the latter's reciprocal tariffs come into effect. New Delhi will prioritise national interests in the trade talks with US, Goyal added.
US President Donald Trump has declared a 90-day pause in the implementation of the announced reciprocal tariffs for most nations. The US administration, which has proposed an extra duty of 26% on Indian goods, will effect the duty on Jul. 9.
New Delhi had started trade pact negotiations with Washington in February hoping that the latter would exempt Indian goods from reciprocal tariffs. While both sides have said they aim to launch the first tranche of the deal by fall of 2025, there is a possibility that the 90-day pause may encourage the Indian government to fast-track the discussions. Time frames do enable speedy negotiations, but India also does not want to rush, Goyal said.
The reciprocal tariffs, once they come into effect, could affect Indian exports growth as the US is India's top export market with a share of over 15% in total exports. In Apr-Feb, India had exported goods worth $76.38 billion to the US and had a trade surplus of $34.75 billion.
Besides the US, other ongoing trade pact talks are also progressing steadily, Goyal said. India wants to take concrete steps to expedite conclusion of the proposed free trade agreement with the European Union, Goyal said.
India and the EU held the last round of negotiations in Brussels in March. India's total trade with the EU was $137.41 billion in 2023-24 (Apr-Mar), which included exports worth $61.48 billion. End
US$1 = INR 86.05
Reported by Krity Ambey
Edited by Tanima Banerjee
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