Piyush Goyal Confident of Sealing India–U.S. Trade Pact by November 2025

Commerce and Industry Minister Piyush Goyal announced on Tuesday that India and the United States are engaged in continuous negotiations to finalize a landmark bilateral trade agreement, with a potential November 2025 deadline in sight. Speaking to reporters during a one-day official visit to Doha, Goyal expressed optimism about meeting the timeline, despite uncertainties caused by the ongoing U.S. government shutdown.

The U.S. government has been in a partial shutdown since October 1, 2025, after Congress failed to pass a funding bill. This has led to temporary suspension of non-essential government operations, with many federal workers unpaid and service centers closed. However, critical functions like defense and social services remain operational. Goyal acknowledged the situation, stating, “The U.S. government is currently in shutdown mode, so we’ll need to assess how, where, and when the next round of talks can occur.” He hinted that both virtual and in-person negotiations remain possible, depending on how the situation evolves.

Goyal, leading a high-level business delegation in Doha, emphasized the ongoing dialogue with U.S. counterparts at multiple levels. “We are in constant communication with the U.S. on the trade pact, and we’ll soon share updates on our next steps,” he said. When pressed about the feasibility of concluding negotiations by November, Goyal was confident, saying, “Every possibility exists to meet the deadline.”

Also Read: Goyal Heads to Doha as India-Qatar FTA Could Transform $14B Trade

The proposed Bilateral Trade Agreement (BTA) aims to significantly boost trade between the two nations, targeting a staggering $500 billion in bilateral trade by 2030, up from the current $191 billion. In 2024-25, the U.S. remained India’s largest trading partner for the fourth consecutive year, with bilateral trade reaching $131.84 billion, including $86.5 billion in Indian exports. The U.S. accounts for 18% of India’s total goods exports, 6.22% of imports, and 10.73% of its overall merchandise trade.

However, challenges remain. India is firm on protecting its farmers, dairy industry, and religious sensitivities in any trade deal. Goyal highlighted that India has successfully safeguarded these interests in previous agreements with the UK, the EFTA bloc (comprising Iceland, Liechtenstein, Norway, and Switzerland), and Australia. “Any trade agreement with the U.S. will only proceed if these sensitivities are respected,” he stressed. He expressed confidence in finding a “landing zone” to resolve outstanding issues, including the recent U.S. imposition of a 25% reciprocal tariff and an additional 25% penalty on Indian goods due to India’s purchase of Russian crude oil, resulting in a total 50% additional import duty.

Last month, Goyal led a delegation to New York for high-level trade discussions with United States Trade Representative Jamieson Greer and U.S. Ambassador-designate to India Sergio Gor. These talks, described as constructive, focused on various aspects of the trade deal and laid the groundwork for an early conclusion. The negotiations follow a directive from leaders of both countries in February 2025 to finalize the first phase of the BTA by this fall. So far, five rounds of talks have been held, with both sides committed to a mutually beneficial agreement.

The BTA is seen as a game-changer for India-U.S. economic relations, potentially unlocking new opportunities for businesses, exporters, and investors. For India, the agreement could provide greater market access for its goods and services, while the U.S. could benefit from India’s growing consumer market and skilled workforce. As the November deadline approaches, all eyes are on whether the two nations can overcome logistical and policy hurdles to deliver a deal that could reshape global trade dynamics.

Also Read: Piyush Goyal Strengthens India Singapore Trade and Investment Ties