India-US Trade Deal: Piyush Goyal Urges US to Sign Agreement If Satisfied with India's Offer

Commerce and Industry Minister Piyush Goyal has stated that the United States should proceed to sign the free trade agreement with India "on the dotted lines" if Washington is satisfied with New Delhi's offer.

Speaking to reporters in Mumbai, Goyal welcomed the positive assessment from the Trump administration regarding India's trade proposal, though he avoided specifying any timeline for finalizing the long-anticipated agreement.

Goyal was responding to remarks made by US Trade Representative Jamieson Greer in Washington, who characterized India's proposal as the "best ever" offer received by the United States.

"His happiness is very much welcome. And, I do believe that if they are very happy, they should be signing on the dotted lines," Goyal commented, while declining to elaborate on the specifics of India's offer.

The minister confirmed that five rounds of negotiations have already taken place between the two nations regarding the trade agreement. He clarified that US Deputy Trade Representative Rick Switzer's ongoing visit to India is primarily focused on relationship-building rather than formal negotiations, noting that he had engaged in "substantial discussions" with the visiting official.

The two-day discussions between the US delegation led by Switzer and the Indian team headed by Commerce Secretary Rajesh Agrawal concluded Thursday in New Delhi. Both sides exchanged perspectives on matters pertaining to India-US trade and economic relations, including ongoing negotiations for a mutually beneficial bilateral trade agreement (BTA).

Meanwhile, Prime Minister Narendra Modi held a telephone conversation with US President Donald Trump on Thursday, focusing on enhancing economic ties as both countries work toward a trade deal. The leaders exchanged views on expanding cooperation across multiple domains including trade, critical technologies, energy, defense, and security.

When questioned about Chief Economic Advisor V Anantha Nageswaran's suggestion that the agreement with the US would be signed in March next year, Goyal indicated he was unaware of such comments and avoided setting any specific deadline.

"A deal is only done when both sides stand to benefit. And I don't think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then," Goyal explained, simply stating that negotiations with the US are "progressing well."

During a Senate Appropriations Subcommittee hearing in Washington on Tuesday, Greer acknowledged challenges regarding certain agricultural products, including row crops and meat. He noted that while these areas have been "difficult nuts to crack," India has been "quite forward leaning" in its approach, offering what he described as "the best we have ever received as a country."

These comments hold significance as both nations work to conclude the initial phase of the proposed bilateral trade agreement. The negotiations are particularly important given the Trump administration's imposition of steep 50% tariffs on Indian goods entering American markets.

The outcome of these talks could positively influence the trajectory of the Indian rupee, which has recently depreciated to historic lows, even breaching the psychologically significant 90-to-a-dollar threshold.

Indian industry representatives and exporters are eagerly anticipating the conclusion of these negotiations and the announcement of the deal, as the high import duties are adversely affecting their shipments to America. While they are exploring alternative markets to maintain export profitability, the United States remains a crucial destination, accounting for approximately 18% of India's exports.

The US initially imposed a 25% duty on Indian goods, citing trade deficit concerns with India, which stood at around USD 46 billion in 2024-25. Subsequently, an additional 25% penalty was imposed on India for purchasing Russian crude oil.

India has emphasized that addressing these tariffs would be essential to finalizing the first phase of the trade deal. As part of the agreement, the US is seeking duty concessions on agricultural products such as almonds, corn, and apples, as well as industrial goods.

India has firmly opposed making concessions in the agricultural and dairy sectors, asserting that it will not compromise the interests of its farmers and MSMEs (Micro, Small, and Medium Enterprises).