Commerce Minister Piyush Goyal Says India-US Trade Deal Close, But Only on Equitable Terms

Union Commerce and Industry Minister Piyush Goyal on Tuesday said that an announcement on the proposed India-US trade deal will be made only when both sides reach a “fair, equitable and balanced” agreement. Speaking at the Indo-US Economic Summit hosted by the Indo-American Chamber of Commerce, Goyal said India will not commit to any deal that undermines key domestic sectors, especially agriculture and fisheries. “When the deal becomes fair, equitable and balanced, you will hear good news,” he said.

India–US Negotiations So Far

New Delhi and Washington have been engaged in bilateral trade talks since March and have completed six rounds of negotiations. Earlier this month, Goyal told The Economic Times that the focus should not be solely on the tariff levels set by the US but on the strategic advantage India can secure over competing economies. “The important element will be: what comparative advantage will India have over its competitors?" he said. India aims to double its trade with the US to $500 billion by 2030.

The US imposed a 25% reciprocal tariff in early August, followed by an additional 25% punitive duty later that month, taking the effective tariff burden on Indian goods to 50%. Washington said the punitive tariff was in response to India’s continued purchase of discounted Russian oil. US President Donald Trump has argued that revenues from Moscow’s oil exports are helping fuel the Russia–Ukraine conflict.

A senior Commerce Ministry official said on Monday that the first tranche of the India-US Bilateral Trade Agreement (BTA) will focus primarily on addressing these reciprocal tariffs, while the broader agreement will take longer. “The first phase of negotiations is nearing closure,” the official said.

India’s Broader Trade Push

Goyal added that India’s other trade negotiations—including the free trade agreement (FTA) with the European Union, and bilateral pacts with Chile and New Zealand—are also in their final stages. According to reports, the next round of talks with Chile and New Zealand is expected in December.