Union Minister Piyush Goyal said on Saturday that India is ready to make trade deals in the national interest but not just to meet deadlines. The recent remarks by the senior BJP leader whether a deal could be reached with the U.S. in time for a July 9 deadline set by Washington.
US President Donald Trump threatened to impose a 26% tariff on all imported Indian goods, among the tariffs due to take effect next week on countries around the world who fail to reach agreements before a deadline he set in April.
National Interest Will Always Be Supreme: Union Minister Piyush Goyal
Goyal said that free trade agreements are only possible when there is a two-way benefit. He added that India never does any trade deal on the basis of time frame.
“Free trade agreements are possible only when there is two-way benefit, it should be a win-win agreement,” Goyal told reporters.
“National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries,” he said.
“India never does any trade deal on the basis of deadline or time frame…we will accept it only when it is completely finalised and in the national interest.”
According to news agency Reuters, the Indian officials returned from United States this week after an extended visit to iron out the lingering concerns on both sides. The trade talks between India and the US have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods.
India is resisting to open up its agriculture and dairy sectors while asking for a favourbale tarrif for its goods entering the United States compared to countries like Vietnam and China. It proposed retaliatory duties agianst the US at the World Trade Organization, saying Washington’s 25% tariff on automobiles and some auto parts would affect $2.89 billion of India‘s exports, according to an official notification, reports news agency Reuters.
Earlier, Prime Minister Narendra Modi and Trump agreed to sign a biltaeral trade agreement to expand trade to $500 billion by 2030, up from $191 billion in 2024.
(With inputs from Reuters.)
