Union Commerce Minister Piyush Goyal on Friday reaffirmed that India will not rush into any major trade agreement simply to meet deadlines. Speaking at the 16th Toy Biz B2B Expo in Delhi, the minister emphasized that India remains firm and principled in its approach to international trade negotiations.
“India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” Goyal said.
He underscored that while India is always open to engaging with developed nations, it will only do so when the terms are mutually beneficial.
His comments come at a crucial time as talks with the United States reach the final stages of an interim trade agreement. The US is seeking duty concessions on agricultural products, while India is pushing for greater market access for its labour-intensive goods. With US reciprocal tariff suspensions set to expire on July 9, there is heightened focus on concluding the deal before the deadline.
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While both nations are eager to finalise the deal, Goyal made it clear that any agreement must protect India’s economic and strategic interests. “It should be a win-win agreement, and only when India’s interests are safeguarded – national interest will always be supreme – and keeping that in mind, if a good deal is formed, India is always ready to engage,” he stated.
Ongoing discussions are not limited to the US alone. Goyal confirmed that negotiations are in progress with several other countries including the European Union, Chile, Peru, New Zealand, and Oman. However, he reiterated that every free trade agreement must reflect a shared benefit.
Meanwhile, Atul Keshap, President of the US-India Business Council (USIBC), acknowledged the challenges, especially around agriculture. “These are extremely important political constituencies. So of course the trade negotiation with regard to any agricultural issues will be the most sensitive,” he said in an interview.
Drawing a parallel with External Affairs Minister S Jaishankar’s stance on oil imports from Russia, Goyal’s comments reaffirm India’s position: the country will always choose what benefits its citizens most, whether in energy or trade.
The interim deal, once finalised, is expected to pave the way for a broader, more comprehensive trade agreement between the two democracies.
