Union Commerce and Trade Minister Piyush Goyal made it clear that India will not accept a trade agreement based on deadlines. Instead, India will decide its own terms and timing. His statement comes just before July 9, when the US pause on retaliatory tariffs against Indian goods is set to expire.
“India never makes a trade deal based on a timeline; when the deal is good, fully matured, and in the national interest, then we accept it,” Goyal said. He stressed that any deal will happen only when India’s interests are protected and the agreement is mutually beneficial.
Ongoing Talks with the US and Other Nations
Earlier, reports said the India-US trade deal could be finalised soon. A team of Indian officials had returned from Washington after holding high-level discussions with representatives of the Trump administration.
Rajesh Agrawal, India’s chief negotiator, who led the delegation, said, “Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture and auto sectors.”
Goyal added that India is in talks with several countries, including the US, EU, Oman, New Zealand, Chile, and Peru. He noted, “A free trade agreement happens only when there is mutual benefit.”
US Tariffs Still a Key Issue
On April 2, the US imposed a 26% reciprocal tariff on Indian products. However, the US government paused enforcement for 90 days, which will end on July 9. A 10% base tariff remains in effect. India is now pressing for complete relief from this additional duty.
Trump Says Deal Could Be ‘Different’
Earlier this week, US President Donald Trump said a trade agreement with India could be reached soon, though it might look different from standard deals.
“I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs,” Trump said.
What Are the Sticking Points?
Talks between India and the US entered their sixth day in Washington, with both sides working to align on crucial parts of the agreement.
According to a report in Hindustan Times, the US is showing willingness to ease some of Trump’s strict tariff rules if it receives better access to India’s agriculture market. Specifically, Washington wants lower duties on cars, wines, and petrochemical products.
On the other hand, India is pushing for reduced tariffs on labour-intensive goods like textiles, leather, gems and jewellery, chemicals, plastics, garments, shrimps, oilseeds, bananas, and grapes.
What’s Next?
With the July 9 deadline approaching, both sides are under pressure. However, India remains firm. It wants a fair deal that supports its industries and protects its farmers. If the US agrees to lower tariffs and open its markets, the deal could come through soon—but only if it meets India’s long-term goals.