Trade Pact
Minister Goyal says discussions on trade pact with US, EU well on track
This story was originally published at 20:49 IST on 29 May 2025
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--Minister Goyal: Well on track with discussions on trade pact with US
--CONTEXT: Minister Goyal speaking at CII's Annual Business Summit
--Minister Goyal: Making strong progress on FTA talks with EU
NEW DELHI - India's negotiations on trade agreements with the US and the European Union are well on track, Commerce and Industry Minister Piyush Goyal Thursday said.
There has been strong progress in negotiations for a free trade agreement with the EU, Goyal said at the Confederation of Indian Industry's Annual Business Summit. Goyal said he would also visit some EU countries next week.
India is looking to expedite the conclusion of negotiations with the EU by signing the trade deal in tranches. The two sides had resumed discussions in 2023 after a gap of nine years. The trade talks, initially started in 2007, were later suspended due to differences over market access.
A trade deal with the US is also of utmost importance for New Delhi. US government officials will visit India Jun. 5-6 to discuss the proposed Bilateral Trade Agreement. The two sides have been engaged in negotiations for the deal since February.
Last week, Indian government officials, along with Goyal, had visited Washington for trade talks. The aim so far was to seal the deal with the US before Washington effects its reciprocal tariffs on Jul. 9. But after the US Court of International Trade's verdict to halt the duties, there is a possibility that India would slow the pace of negotiations and recalibrate the terms of the deal.
The US is India's top export destination with $80.77 billion outbound shipments in 2024. India also had a trade surplus of $35.36 billion with the US in the last calendar year. End
US$1 = INR 85.51
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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