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Informist, Tuesday, Nov. 18, 2025

 

NEW DELHI – In order to calm industry and exporters, who have been jittery ever since India's top export destination US slapped steep tariffs, Commerce and Trade Minister Piyush Goyal Tuesday said India-US relation continues to be very important and strategic. "I don't see any reason to be very worried, I don't believe there is any hiatus in the relation, it continues to be very very important, very strategic for both countries," Goyal said at the 22nd Indo-US Economic Summit organised by Indo-American Chamber of Commerce. 

 

His comments assume significance against the growing impatience among exporters who have been eagerly waiting for the India-US Bilateral Trade Agreement to shield them against Washington's 50% tariffs. The US in August had imposed a 50% tariff on imports from India, 25% of which was a punitive measure for New Delhi's continued purchases of crude oil from Moscow.

 

As per Goyal, India-US partnership has many elements and like any other relationship, they too have their differences in opinion. "...negotiation is a process and India as a nation has to secure its interest, has to secure the interest of our stakeholders, businesses and balance it with our sensitivities, with the farmers, fishermen, the small industries," he said.

 

New Delhi is engaged in talks with Washington for a trade deal, with the two sides having so far held five rounds of negotiations. Last week, US President Donald Trump had said the US was coming closer to making a "fair trade deal" with India. It was to be finalised by the end of fall season.

 

"And when we find the right balance, we will even get outcomes on this score. But the friendship is very enduring and the partnership is ever growing so we need not be worried, we stand on very strong pillars of democracy and diversity and a very strong pillar of a shared commitment to development," the commerce minister said.

The course of trade negotiations between India and the US has seen considerable ebb and flow in the past seven months, with the two sides hitting a stalemate in August over disagreements on the farm sector. The negotiations resumed in September. The US tariffs have cast a shadow on over $50 billion of Indian exports from labour-intensive sectors like textiles, gems and jewellery, marine products, and furniture and bedding. In FY25, India had exported $86.51 billion worth of goods to the US and had a trade surplus of $40.82 billion with the country.

 

According to a commerce ministry official, a package to address the issue of reciprocal tariffs is almost near closure. "One part is the bilateral trade agreement, which will take its own time. Second is the package which will address reciprocal tariffs. We are working on both aspects. Package which will address reciprocal tariff is more or less near closure," the official had said Monday.  End

 

US$1 = INR 88.61

 

Reported by Priyasmita Dutta

Edited by Akul Nishant Akhoury

 

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