New Delhi: Indian Commerce Minister Piyush Goyal has expressed confidence that India and the United States will reach a bilateral trade agreement before the looming August 1 deadline, which could otherwise trigger tariffs of up to 26% on Indian goods.
In an interview with Bloomberg TV on Thursday during his visit to London, Goyal said, “I’m always confident,” when asked about the likelihood of a successful outcome. He added that discussions with his American counterparts have been positive and constructive. “I’ve had some wonderful engagement with my friend and colleague from the US,” he noted, referring to US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer as “very dear friends.”
Goyal emphasized that there are currently no major sticking points in the ongoing trade negotiations between the two nations. He also clarified that immigration issues, including policies surrounding H-1B visas, have not been part of the current discussions.
The US and India have been engaged in talks for several months, aiming to finalize an interim trade pact by this fall. While both sides have signaled that a deal is within reach, a few unresolved issues remain. These include US demands for greater access to India’s agriculture and dairy sectors, while India is seeking exemptions from US sectoral tariffs, especially on pharmaceuticals and automobile components.
Tensions have been heightened by President Donald Trump’s recent threats of secondary sanctions on countries like India and China for purchasing oil from Russia, adding a layer of geopolitical complexity to the trade discussions.
Goyal, who was in London alongside Prime Minister Narendra Modi to sign a landmark free trade agreement with the United Kingdom, stated that India is actively pursuing multiple trade agreements. “We have very robust negotiations going on with several countries,” he said, naming the US, EU, New Zealand, Peru, and Chile among India’s current trade partners in discussion.
India is one of the largest economies still negotiating ahead of the August 1 tariff deadline. Meanwhile, the White House has already finalized trade agreements this week with Japan and the Philippines, and released further details on an earlier deal with Indonesia.
With the deadline fast approaching, global attention remains focused on whether the world’s two largest democracies can bridge their remaining gaps and avoid a disruptive tariff escalation.
