Piyush Goyal says India aims to conclude a bilateral trade agreement (BTA) with the US by November despite Trump’s tariff measures.
Talks stalled after the US imposed a 50% duty on Indian goods and deferred the scheduled August 25 negotiations.
Goyal also indicated improving India-China relations, while India-EU trade talks move into an advanced stage.
Hope To Be Back On Track, Clinch Deal With US By November: Goyal
Despite Trump’s tariff hike and stalled negotiations, Goyal says India aims to finalise a bilateral trade deal with the US by November
Summary
Union Commerce Minister Piyush Goyal on Tuesday expressed optimism that India and the US could finalise a bilateral trade agreement (BTA) by November, despite ongoing tensions following Washington’s decision to impose 50 per cent tariffs on Indian goods.
According Indian Express, speaking at the Annual Global Investor Conference 2025, Goyal said, “I do hope that things will get back on track soon and we will conclude a bilateral trade agreement by autumn, November or so, as was discussed by our two leaders in February.” He added that India remains in dialogue with the US to resume negotiations.
No new round of talks has been scheduled since the US team deferred its planned August 25 visit to New Delhi. Government officials have said that the removal of 25 per cent additional tariffs imposed on India over its Russian oil purchases will be crucial to moving forward.
The remarks came a day after US President Donald Trump posted on Truth Social that India had offered to cut tariffs to zero but warned it was “getting late,” criticising India for buying more oil and defence equipment from Russia than from the US.
On broader trade turbulence, Goyal described global conditions as “volatile, uncertain times, full of trepidations,” but added that this also presents opportunities for business.
The Commerce Minister also signalled cautious optimism on India-China relations, saying normalisation was a “natural consequence” of easing border tensions since the Galwan clash. Meanwhile, talks with the European Union on a free trade agreement have advanced, with the 13th round of negotiations set to begin on September 8 in Brussels.
Reiterating India’s commitment to Aatmanirbhar Bharat, Goyal stressed, as cited in The Hindu, that India seeks not isolation but resilient supply chains across sectors such as semiconductors, drones, and specialty steel. He also urged industry leaders to invest in sustainable manufacturing and energy efficiency
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