India-US Bilateral Trade Agreement: Dialogue Continues With National Interests As Priority

Highlights

Commerce Minister Piyush Goyal affirms ongoing India-US bilateral trade agreement talks are progressing well with a focus on safeguarding national interests, aiming to double trade to $500 billion by 2030.

India continues to engage in dialogue with the United States regarding the proposed Bilateral Trade Agreement (BTA), with Commerce and Industry Minister Piyush Goyal emphasizing that the government will prioritize national interests over hasty decisions. Speaking to reporters on Friday, Goyal stated that all trade negotiations between the two countries are advancing positively while maintaining an "India first" approach that aligns with the vision for Viksit Bharat 2047.

"We have said many times before that we do not negotiate at gunpoint. Time restrictions are beneficial as they encourage swift discussions, but it is never advisable to act hastily until we can protect the interests of our country and citizens," Goyal remarked when questioned about the BTA progress.

Both nations have established a target to finalize the first phase of the agreement by fall 2025 (September-October), with the ambitious goal of more than doubling bilateral trade from the current $191 billion to $500 billion by 2030.

Regarding the India-European Union trade pact, Goyal noted that trade discussions advance when both parties demonstrate sensitivity to each other's concerns and requirements. He mentioned that Indian businesses currently face various non-tariff barriers in the EU market.

At the Italy-India Business Forum, Goyal called for concrete steps to expedite the conclusion of the free trade agreement between India and the EU, highlighting that the India-Middle East-Europe Corridor (IMEC) presents an opportunity for India and Italy to strengthen their relationship. He also emphasized the need to promote seamless trade and investments between the two nations, noting significant potential for growth beyond the current $15 billion level.

Goyal later told reporters that India is among the few countries engaged in trade talks with the US. "India offers huge opportunities with a 1.4 billion population... we believe that India will be a compelling case to enter into a good agreement for the US," he stated.