BENGALURU, Karnataka — Commerce and Industry Minister Piyush Goyal said on Friday that India is in the final stages of negotiations for trade agreements with both the European Union and the United States.
“We are at the advanced stage of discussions with both the EU and U.S. for trade deals,” Goyal said during a media interaction in Bengaluru.
The minister emphasized that India now engages with advanced economies on equal footing and aims to build partnerships that are mutually beneficial. “India negotiates with advanced countries and is keen to contribute to their future, just as we would like them to contribute to ours, for a Viksit Bharat,” he noted.
Goyal said that every agreement must be based on India’s comparative advantages rather than tariffs alone. “We have set a target of doubling our trade in goods and services with the U.S. to $500 billion by 2030,” he added.
According to the minister, several nations have shown a strong interest in trading with India. Chile and Peru—both rich in critical minerals—and Oman are among the countries close to finalizing trade deals with New Delhi.
Goyal also pointed out that the U.S. has imposed a 25 percent penal tariff on India for purchasing oil from Russia, in addition to existing reciprocal tariffs on Indian goods entering the American market. India has called these measures “unfair, unjustified, and unreasonable.”
Earlier this month, Goyal told Doordarshan that India and the U.S. were making steady progress in their trade discussions. “We are in dialogue with the United States of America. Our teams are engaged. We recently had the commerce secretary visit the U.S., and he met with his counterparts. Talks are progressing, and we hope to work toward a fair and equitable agreement in the near future,” he said.
At the same time, Goyal stressed that India would not rush into any deal. “India will not sign any trade deal in a hurry,” he said, explaining that agreements must be fair, balanced, and not restrictive of India’s trade flexibility.
India’s ongoing negotiations with the European Union have encountered sticking points on market access, environmental standards, and rules of origin. Goyal emphasized that trade deals are built on long-term trust and relationships, not just on tariff concessions.
“Trade deals are for a longer duration. It’s not only about tariffs, it’s also about trust and a relationship. Trade deals are also about businesses,” he said. (Source: IANS)
