Commerce and Industry Minister Piyush Goyal announced that India is actively negotiating a Bilateral Trade Agreement (BTA) with the United States, despite recent strains caused by a 50% tariff imposed by the US on Indian goods. Speaking at an industry chamber event focused on sustainability, Goyal highlighted India’s commitment to strengthening trade ties, even as the US deferred the sixth round of talks originally scheduled for August 25, following the tariff hike on August 27.
The negotiations, which began in March 2025, have seen five rounds completed, aiming to boost bilateral trade to $500 billion by 2030. Goyal expressed optimism about the talks, stating, “Lots happen, lots more to go... With the US, we are in dialogue with them on a BTA.” However, no new dates have been set for the next round, reflecting tensions sparked by the US tariffs, which were imposed in response to India’s continued purchase of Russian crude oil.
US Treasury Secretary Scott Bessent, in a Fox News interview, acknowledged the strain but remained hopeful, saying, “At the end of the day, two great countries will get this solved.” He noted that India’s values align more closely with the US and China than Russia, but criticized India’s role in buying and reselling Russian oil, claiming it fuels the Russia-Ukraine conflict. India has firmly defended its oil purchases, emphasizing national interest and market dynamics.
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India has labeled the US tariffs as “unjustified and unreasonable,” signaling a firm stance in negotiations. Goyal has consistently maintained that India will not negotiate under pressure or deadlines, prioritizing national interests. Despite the tariff dispute, both nations are exploring ways to resolve differences, particularly in sensitive sectors like agriculture and dairy, where India remains cautious about market access.
Beyond the US, Goyal highlighted India’s success in securing free trade agreements with Australia, the UAE, Mauritius, the UK, and the EFTA bloc (Switzerland, Iceland, Norway, and Liechtenstein). He also noted progress in India-EU trade talks, with Commerce Secretary Sunil Barthwal currently in Brussels for discussions. The 13th round of India-EU negotiations is set to begin on September 8, with Goyal describing the talks as making “very active and significant progress.”
As India navigates these complex trade dynamics, Goyal’s remarks underscore the country’s ambition to expand its global trade footprint while safeguarding its strategic autonomy. The outcome of the India-US talks remains critical, with both sides aiming for a mutually beneficial agreement amidst geopolitical and economic challenges.
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