'India won't negotiate based on timelines': Goyal on India-US trade deal ahead of July 9 deadline

Union Minister of Commerce and Trade Piyush Goyal has asserted that India will not sign a trade deal based on a timeline, but set its own terms to negotiate an agreement. His comments came ahead of July 9, when the pause on retaliatory tariffs will expire.

Earlier, sources had told News18 that the India-US trade deal will conclude in the next few days as an Indian delegation has returned from Washington after holding high-level talks with officials from the Trump administration.

“Indian team is back from Washington. Negotiations will continue. There are certain issues which need to be resolved in agriculture and auto sectors," the chief negotiator, Rajesh Agrawal, who led the delegation, said.

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“Whether it is the European Union, New Zealand, Oman, the United States, Chile, or Peru, negotiations for agreements are underway with many countries. A free trade agreement happens only when there is mutual benefit," the minister said

When the deal is made while safeguarding India’s interests, keeping in mind that national interest will always remain paramount, then India is always ready to make deals with developed countries… India never makes a trade deal based on a timeline; when the deal is good, fully matured, and in the national interest, then we accept it," Goyal added.

The US announced a 26 per cent reciprocal tariff on Indian goods on April 2 but paused its enforcement for 90 days. However, a 10 per cent baseline tariff still applies. India is pushing for a full exemption from the additional levy.

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Trump wants a ‘different deal’ with India

Meanwhile, earlier this week, US President Donald Trump said a trade deal with India will be reached soon, adding that it could be “different” and with “much less tariffs”.

Trump said, “I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs.”

How have the negotiations gone?

Trade talks between the two countries in Washington entered the sixth day yesterday, with both sides trying to get on the same page on key aspects of the deal. According to a report by Hindustan Times, the American side has shown signs to reduce Trump’s aggressive tariff measures on India in exchange for duty-free access to the sensitive Indian agriculture market.

While Washington is seeking tariff concessions on certain industrial products like automobiles, wines and petrochemical goods, India is pushing for lower duties on labour-intensive exports such as textiles, gems and jewellery, leather products, garments, plastics, chemicals, shrimp, oilseeds, grapes, and bananas as part of the proposed trade agreement.