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Informist, Monday, Jul. 14, 2025

--Minister Goyal: Trade deal negotiations with US going at a fast pace 

--CONTEXT: Commerce Minister Piyush Goyal speaking on sidelines of event 

--Minister Goyal: To come out with pact which will be a win win for India, US

NEW DELHI – Talks with the US on a bilateral trade agreement are advancing at a fast pace with the two sides focusing on a mutually beneficial pact, Commerce Minister Piyush Goyal said on the sidelines of an event in New Delhi. 

"We are working to come out with an agreement which will be a win-win situation for both," the minister said.

Goyal also said New Delhi will continue to enter into trading arrangements with developed countries which have economies complementary to India.

A team from the commerce ministry is currently in the US for negotiations on the trade agreement, Informist reported earlier quoting a government official. The team will focus on finalising one phase of the trade deal with the US this week, the report said. New Delhi and Washington are also looking for mutually beneficial solutions to some contentious issues, the report added.

Discussions on the farm and dairy sectors are some points of contention in the negotiations with Washington. US President Donald Trump has, on multiple occasions, expressed an interest in getting market access to India's agriculture sector, but India has been firm on denying such access.
 

Indian industry is hoping for at least a preliminary trade deal before the US's country-wise reciprocal tariffs kick in from Aug. 1. Trump, who has been sending individual letters to different countries from last week, informing them of the reciprocal tariffs due to hit them on Aug. 1, has not so far announced any duty on imports from India.
 

While Trump had announced 26% reciprocal tariff on India on Apr. 2, it is unclear if this will be the level he sticks to if and when he issues a tariff letter to New Delhi. The tariffs mentioned in the latest letters sent to some countries are different from what was unveiled for them in April. 

Reciprocal tariffs, if imposed, may hurt India's export growth, as the US is India's top export destination with a share of over 15% in 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 data from the commerce ministry.  End

Reported by Pallavi Singhal

Edited by Rajeev Pai

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