(HT)
Union Minister Piyush Goyal made it clear that India won’t be pushed into any deal or make decisions under pressure, especially when it comes to protecting the interests of its people. His comments came days after US President Donald Trump announced a 90-day pause on the tariffs Washington had imposed on New Delhi. The move is being seen as a short window for both countries to try and wrap up a bilateral trade agreement that’s still in the works
S Jaishankar and Piyush Goyal have both reiterated that while India wants to finish US trade talks quickly, it will not come at the expense of national interests.(Sanjeev Verma/HT Photo)
“Humne pehle bhi kai baar kaha hai ki hum banduk rakhke kabhi negotiate nai karte hain. (I have said it many times before that we do not negotiate at the gunpoint),” Goyal told reporters when asked about the progress of India-US bilateral trade agreement (BTA)
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“Time restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty,” he added.
His remarks come as India and the US intensify sector-specific negotiations via virtual mode following the finalization of broad-based terms of reference (ToRs) in New Delhi. These ToRs aim to facilitate a “mutually beneficial, multi-sector” bilateral trade agreement (BTA), and lay the groundwork for removing tariff and non-tariff barriers, expanding market access, and enhancing supply chain resilience.
“We are progressing well on the BTA negotiations and we expect to be ready with the first tranche of the agreement before the fall of 2025,” a senior official familiar with the discussions said. “Possibly, the two countries would sign an early harvest deal where tariff and non-tariff issues will be addressed first.”
The negotiations are part of a broader strategic objective, jointly envisioned by Prime Minister Narendra Modi and US President Donald Trump, to boost bilateral trade from the current $200 billion to $500 billion by 2030 — a target referred to internally as “Mission 500.”
While Goyal acknowledged that timelines are important to maintain momentum in trade discussions, he cautioned against rushing any deal. “Time restrictions are good as they encourage us to negotiate swiftly,” he said, “but until we are able to protect the interests of the country and people, it is never good to be hasty.”
The minister added that “all trade talks of the country are progressing well in the spirit of ‘India first’ and to ensure the pathway to Viksit Bharat 2047.”
The initial round of face-to-face negotiations, held from March 26 to 29 in New Delhi, was led by Assistant US Trade Representative Brendan Lynch and India’s Additional Secretary Rajesh Agrawal. Officials described the discussions as “friendly and cordial,” with both sides showing a shared sense of purpose to reach a first-stage agreement by September.
Since then, officials have held several video conferences to follow up on sector-specific details. While neither side has disclosed the full contents of the ToRs due to a non-disclosure agreement, insiders say they provide “wide scope” for building an ambitious framework.
On Friday, foreign affairs minister S Jaishankar, without sharing any specific details of negotiations between India and the US on the proposed trade pact, indicated that New Delhi was keen to conclude it as early as possible.
“Within a month of change in the administration, we have conceptually an agreement that we will do a bilateral trade agreement; that we will find a fix that will work for both of us because we have our concerns too. And its not an open-ended process,” the minister said.
In a significant development, Washington has suspended an additional 16% reciprocal tariffs on Indian goods – which includes a 10% baseline tariff imposed globally from April 2 – until July 9, 2025, offering a window of opportunity for both sides to finalize key deliverables.
