India–US trade talks near conclusion amid hopes of lowering tariffs soon.
President Donald Trump signals a “fair deal” as oil imports stabilise.
India accelerates FTA negotiations with New Zealand, EU, and GCC partners.
Goyal emphasises quality control orders to safeguard domestic manufacturing standards.
The ongoing trade negotiations between India and the United States are progressing smoothly and could soon be wrapped up without the need for another round of discussions, a government official familiar with the matter said on Tuesday.
"We are waiting to hear back from the US," said the official. “India’s negotiations with the US have been among the most comprehensive and WTO-compliant compared to those with any other country,” the person added.
31 October 2025
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This came after US President Donald Trump on Monday signalled at the prospect of a “fair deal” with New Delhi during the swearing-in ceremony of his envoy to India, Sergio Gor.
“The tariffs on India are really high because of the Russian oil [imports], but they have now substantially reduced Russian oil [imports], so we will be bringing the tariffs down,” Trump said.
Although New Delhi has avoided commenting on its Russian oil purchases, data from market research firm Kpler showed that India’s imports of Russian crude were largely unchanged in October at 1.59mn barrels per day (mbd) from September, CNBC reported.
Kpler noted that 1.73 mbd of Russia’s October exports were already bound for India, while another 302 kbd (thousand barrels per day) were yet to have a confirmed destination — some of which could also reach India. The firm added that it was still too early to gauge trends for November.
Expanding Trade Horizons
In the wake of Washington’s 50% tariff hike on certain Indian exports, New Delhi has intensified efforts to diversify its markets, fast-tracking free trade agreement (FTA) negotiations with several advanced economies.
India is expected to finalise its FTA with New Zealand soon. Its Minister for Trade and Investment, Todd McClay, is scheduled to arrive in India on Friday for talks with Commerce Minister Piyush Goyal in Visakhapatnam, Andhra Pradesh.
European Commissioner for Trade and Economic Security Maroš Šefčovič is also scheduled to visit India in the second week of December, as part of ongoing discussions to deepen trade ties.
Meanwhile, negotiations with Gulf Cooperation Council (GCC) countries are likely to commence shortly, with Bahrain and Qatar showing particular interest. Separate talks with Israel are also likely, a senior government official informed.
In addition, India is exploring opportunities to expand seafood exports to Russia, according to officials from the commerce ministry.
Focus on Quality
While pushing for market diversification, Goyal has repeatedly emphasised the importance of maintaining high product standards to remain competitive globally.
He stated that Quality Control Orders (QCOs) are being implemented to make superior-quality products available to consumers and to promote a culture of quality in manufacturing.
“Many countries have capacities nearly ten times their domestic demand — and we all know which ones. They often dump sub-standard goods in India, which ultimately harms our industries,” Goyal said at the Udyog Samagam 2025, urging states to ensure that only high-quality products are produced and sold.
He also pointed out that an influx of sub-standard plywood from ASEAN nations had nearly crippled India’s domestic industry.
