Won't sign any pact under deadline pressure
Minister Goyal on US trade deal
This story was originally published at 19:13 IST on 4 July 2025
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--Minister Goyal: No near-term plan to visit Washington for trade deal talks
--Minister Goyal on US trade deal: Won't sign any deal under strict deadline
--Minister Goyal on US trade deal: National interest top priority
--Minister Goyal on US trade deal: Will sign only mutually beneficial pact
NEW DELHI – India will not sign any trade deal with any country under a strict deadline, Commerce and Industry Minister Piyush Goyal said in response to a question from media on the timeline for announcement of a trade deal with the US. The comment comes as Indian industry awaits the announcement of a trade deal with the US before the expiry Wednesday of Washington's 90-day pause on reciprocal tariffs.
National interest is the government's priority in every trade deal, Goyal said in response to the same question on a bilateral trade agreement with the US. India will sign a trade deal only if it is mutually beneficial, he said.
A team of Indian government officials has just returned from Washington, DC, after a week's negotiations. However, there is no clarity on the possibility of a trade deal yet. Goyal said he has no near-term plan to visit the US for trade negotiations.
New Delhi had initially expected to seal a deal with US before the end of the 90-day pause on reciprocal tariffs, to insulate Indian exports from the proposed 26% reciprocal tariff.
Washington's reciprocal tariffs, if they take effect Wednesday, may significantly hurt India's exports growth, as the US is India's top export destination with a 19.8% share in India's total outbound shipments. India exported goods worth $86.51 billion to the US in the financial year 2024-25 (Apr-Mar) and had a trade surplus of $40.82 billion during the period, according to commerce ministry data. End
US$1 = INR 85.39
Reported by Krity Ambey
Edited by Rajeev Pai
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