New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday reaffirmed that India is seeking a fair and balanced trade agreement with the United States while making it clear that the government will not compromise on the interests of key domestic sectors such as agriculture, fisheries, labour, and dairy.
Speaking at the Udyog Samagam 2025 conference of industry and commerce ministers, Goyal said that India is committed to finalising a trade pact that ensures mutual benefit without undermining the country’s economic priorities. “We are working towards a good trade deal in the interest of India, but not at the cost of our farmers, fishermen, workers, and dairy producers,” he stated.
He emphasised that India’s approach to the talks remains pragmatic and comprehensive. “We want a fair, equitable, and balanced trade deal. If it happens, it could be any day — tomorrow, next month, or next year — but we are prepared for all possibilities,” he added.
The minister also revealed that India is exploring new export markets, including Russia, to reduce dependence on destinations where tariffs have become restrictive, particularly in the fishery sector.
Negotiations for the proposed bilateral trade pact with the US have already completed five rounds, and both sides are aiming to finalise the first phase by the fall of 2025. Officials indicated that another round of talks might not be required at this stage, as discussions have been extensive and aligned with WTO norms.
Commerce Secretary Rajesh Agrawal led the Indian delegation in Washington last month for a three-day round of trade discussions that concluded on October 17. The ongoing negotiations are considered crucial for restoring balance in bilateral trade relations, which were strained following the imposition of steep tariffs on Indian goods by the US during the Trump administration.
The agreement aims to boost bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion. The US continues to be India’s largest trading partner, accounting for about 18 per cent of India’s exports. Despite tariff-related challenges, the US President recently indicated optimism, saying the two countries are “pretty close” to reaching a “fair trade deal.”
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