India is not in a hurry to finalise any major trade agreement merely to meet deadlines, Union Commerce Minister Piyush Goyal said on Friday, reaffirming that any deal will be accepted only if it serves the national interest and offers mutual benefits. His remarks come amid reports that India and the United States are close to concluding an interim trade agreement.
Speaking on the sidelines of the 16th Toy Biz B2B Expo in Delhi, Goyal underlined that India’s approach to international trade is guided by principle and patience. “We’re not chasing deadlines. For India, the national interest is always supreme. Only when a deal is fair and protects India’s core interests do we agree to move forward,” Goyal said.
The interim trade deal between India and the US has reportedly reached an advanced stage, with both countries aiming to finalise discussions before July 9 — the date when the suspension of US reciprocal tariffs comes to an end. While India is pushing for broader market access for its labour-intensive exports such as textiles and leather, the US is seeking duty cuts for its agricultural products.
“A win-win agreement is essential,” Goyal said. “If such a deal is formed, India is always ready to engage with developed nations.”
Goyal also gave a broader overview of India’s ongoing trade negotiations with multiple countries. “Talks are currently underway with several partners — including the European Union, the US, Chile, Peru, New Zealand, and Oman,” he said. “A free trade agreement (FTA) is only possible when both sides benefit. India never signs trade agreements under pressure or time constraints. We engage only when discussions are mature and in line with our national priorities.”
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Goyal’s stance echoes sentiments previously expressed by External Affairs Minister S. Jaishankar, who had asserted India’s right to pursue the best economic options for its people — notably referencing India's decision to continue purchasing oil from Russia despite Western sanctions. “We’ll buy from whoever gives us the best deal,” Jaishankar had said at the time.
Trade experts agree that the upcoming India-US interim trade agreement is intended as a strong foundation for a broader, long-term economic partnership. The deal is expected to balance the interests of both sides and pave the way for a more comprehensive trade pact in the future. Atul Keshap, President of the United States India Business Council (USIBC), said on Thursday that agriculture will be a particularly sensitive issue in the negotiations.
“Farmers have a deep cultural and political significance in all our countries,” Keshap said. “Whether you look at rice farmers in Japan or farmers in India and the US, agriculture touches the heart of our societies. So any trade deal involving farm products will be highly delicate and complex.” With both sides committed to protecting their key constituencies while deepening trade ties, the expected announcement of the interim deal will mark a significant step in US-India economic relations — but only if it reflects a carefully negotiated, mutually beneficial outcome.
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