India does not enter trade deals based on deadlines: Piyush Goyal on negotiations with US
'We only agree to a trade deal when it is done properly, is completely finalised and is in the national interest,' he said while addressing reporters on the sidelines of an event in New Delhi.
The minister added that India was also in talks for trade agreements with several other countries, including the European Union, New Zealand, Oman, Chile and Peru, CNBC-TV18 reported.
'Free trade agreements are only possible when both sides benefit,' Goyal said. 'It should be a win-win agreement. If a good deal can be finalised while securing Indian interests, India is always willing to enter into deals with developed countries.'
As India's trade delegation returns from the US, Commerce Minister Piyush Goyal emphasised, "India never negotiates trade deals with a deadline." Despite continued discussions, key differences persist, particularly over agriculture & dairy access, though both sides remain hopeful… pic.twitter.com/4AQlASlish
— CNBC-TV18 (@CNBCTV18News) July 4, 2025
His remarks came as India and the US were negotiating a trade deal amid the 90-day suspension of tariffs announced by US President Donald Trump that is set to end on July 9. On June 30, the White House had said that the deal was close to being finalised and would be announced soon.
Commenting on Goyal's statement, Congress leader Rahul Gandhi remarked: 'Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline.'
Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline. pic.twitter.com/t2HM42KrSi
— Rahul Gandhi (@RahulGandhi) July 5, 2025
Trump's so-called reciprocal tariffs imposed on several countries, including a 26% 'discounted' levy on India, took effect on April 9. Hours later, however, Trump had reduced the rates on imports from most countries to 10% for 90 days to provide time for trade negotiations.
The US president has repeatedly said that he intended to impose a reciprocal tax on India, among others, citing high tariffs the countries impose on foreign goods.
The tariffs had led to concerns of a broader trade war that could disrupt the global economy and trigger recession.
New Delhi on Friday proposed to impose retaliatory tariffs against the US under the norms of the World Trade Organization over Washington's so-called safeguard duties on automobile imports from India.
India notified the international organisation's Council for Trade in Goods of its proposed suspension of concessions and other obligations under WTO provisions.
This came after Washington on March 26 had decided to levy a 25% tariff, in proportion to the estimated value of the goods, on imports of passenger vehicles, light trucks and select automobile parts from India. The duties were to take effect on May 3, The Indian Express reported.
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