‘No trade deal under pressure of deadline': Piyush Goyal
Days ahead of the US' July 9 deadline for reciprocal tariffs, commerce and industry minister Piyush Goyal on Friday said India does not enter into trade agreements based on deadlines but on mutual benefits and national interest.
'FTAs (free trade agreements) are possible only when both sides get benefits. It should be a win-win agreement. India never negotiates trade deals based on deadlines. Our focus is always on fairness and the country's benefit,' Goyal told media persons on the sidelines of an event, a day after Indian trade negotiators returned from an eight-day visit to the US to close a trade pact before July 9.
The minister ruled out him visiting the US in the near term. The Indian negotiating team returned from Washington after hectic parleys with their US counterparts.
'India Always Ready to Do Deals'
'India's national interest should always be supreme… keeping that in mind, if a good deal happens then India is always ready to do deals with developed countries,' Goyal said. 'Jab deal achchhi ban jaaye, puri tarah se pakk jaaye tab usko sweekar karenge (When a good deal is done and ready, then we will accept it),' he emphasised. Asked whether he was hopeful of a trade deal with the US, Goyal said, 'I have told you many times that India negotiates FTAs on its own terms'. He added that trade discussions are on with the European Union and different countries—New Zealand, Oman, US, Chile and Peru.
US President Donald Trump on Thursday said that his administration would send letters to individual countries which don't have a deal with the US, specifying the tariffs they would now have to pay to export to America. In April, Trump had announced reciprocal tariffs for most of the trading partners based on their trade surpluses with the US, including a 26% levy on India. The Indian government wants the entire 26% levy to be rolled back and is negotiating with the Trump administration. However, the US' demand for market access across sectors, including sensitive agriculture and dairy products, and insistence on genetically modified crops, have been some sticky areas. On the issue of the two sides inking multiple deals on issues as and when they get agreed, an official said that all possibilities are on the table.
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