Piyush Goyal says trade talks with US are ongoing, but it's not the only deal India is negotiating

Union Minister of Commerce and Industry Piyush Goyal on Monday confirmed that trade negotiations with the US are still underway, but emphasised that India is also simultaneously engaging with several other countries.

Speaking at the valedictory session of the UP International Trade Show, Goyal highlighted ongoing discussions with the European Union, New Zealand, Oman, Peru, and Chile.

“Our trade talks with the US are ongoing. We are also in discussions with the EU, New Zealand, Oman, Peru and Chile. Ministers from Qatar and Bahrain had recently visited and expressed interest in entering into a Free Trade Agreement with India. The Terms of Reference with Eurasia have been finalised. This reflects the interest many countries, including developed nations, have in India,” said Goyal.

Last week, the minister led an official delegation to New York for trade talks with the United States. Following the meetings, both countries agreed to continue negotiations aimed at reaching an early conclusion of a mutually beneficial bilateral trade agreement.

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The discussions were constructive and covered various aspects of the proposed deal. During the visit, the minister held key meetings with United States Trade Representative (USTR) Jamieson Greer and US Ambassador-designate to India Sergio Gor.

These talks were particularly significant in the context of recent US-imposed tariffs: a 25 per cent reciprocal tariff plus an additional 25 per cent penalty on Indian goods entering the US market due to India’s purchase of Russian crude oil, resulting in a total 50 per cent additional import duty on Indian products.

Earlier this year, in February, the leaders of both nations instructed officials to negotiate the Bilateral Trade Agreement (BTA), with plans to conclude the first phase by fall 2025 (October-November).

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So far, five rounds of negotiations have taken place. The agreement aims to more than double bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion.

The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).

The US accounts for about 18 per cent of India’s total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country’s total merchandise trade.

Goyal also informed that the Trade and Economic Partnership Agreement (TEPA) between India and the four European nations bloc, EFTA (European Free Trade Association) will come into force from October 1. It was signed on March 10, 2024.

Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties.

“This pact will benefit” Indian traders, he said adding these agreements reflect increasing interest of the developed world towards India.

Further, the commerce minister called for buying Made in India goods to promote domestic manufacturing.

With inputs from agencies