Commerce and Industry Minister Piyush Goyal reaffirmed on Friday that India is in ongoing discussions with the US over a proposed bilateral trade agreement (BTA), but emphasized that national interests will not be compromised for the sake of speed. His comments came amid growing anticipation over the deal, which both countries aim to finalize in its first phase by fall 2025 (September–October).
Speaking to reporters, Goyal made it clear that India negotiates from a position of strength and principle, not pressure:
“We do not negotiate at gunpoint. Time limits can be helpful to push things forward, but unless we can safeguard national and public interests, haste is never advisable,” he said.
Goyal noted that trade discussions are being pursued with the spirit of ‘India First’ and are aligned with the country's vision of ‘Viksit Bharat 2047’, a long-term goal to transform India into a developed nation by its 100th year of independence.
Currently, India's bilateral trade stands at USD 191 billion, and both countries have set an ambitious target to more than double it to USD 500 billion by 2030. Goyal called the ongoing talks "very good negotiations" and highlighted India's appeal to global partners:
“India offers huge opportunities with a 1.4 billion population. We believe India is a compelling case for a robust trade agreement with the US.”
Regarding the India-European Union (EU) free trade agreement (FTA), Goyal acknowledged the presence of non-tariff barriers on the EU side but maintained that discussions are progressing steadily. He said successful outcomes require both parties to be sensitive to each other’s needs.
At the Italy-India Business Forum, Goyal pushed for faster progress on the India-EU FTA, stating that the agreement could greatly deepen economic ties. He pointed to the India-Middle East-Europe Corridor (IMEC) as a transformative initiative to bring India and Italy closer in terms of trade and connectivity.
Goyal urged both nations to work towards removing obstacles in bilateral trade and investment, stating:
“We need to encourage investments on both sides and promote businesses to trade freely without roadblocks... There is tremendous potential to grow beyond the current USD 15 billion level.”
In summary, while India is optimistic about its trade partnerships with the US and EU, Goyal underscored that strategic patience and safeguarding domestic interests remain top priorities in all negotiations.
