India Seeks Fair and Balanced Trade Deal with US: Piyush Goyal Refuses to Compromise Key Sectors

Commerce and Industry Minister Piyush Goyal has firmly stated that India is seeking a fair, equitable, and balanced trade agreement with the United States while refusing to compromise on the interests of critical sectors.

Speaking at the Udyog Samagam 2025 conference in New Delhi, Goyal emphasized that India's negotiating position prioritizes protecting farmers, fishermen, workers, and the dairy industry.

"We are working for a good trade deal in the interest of India. At the same time, India is not going to compromise the interests of our farmers, fishermen, workers, labour, and our dairy," Goyal declared during the meeting of state industries and commerce ministers.

The minister indicated flexibility regarding the timeline for finalizing the agreement, noting: "If that happens, it could happen any day, it could happen tomorrow, it may happen next month, it may happen next year... But as a government, we are preparing for everything."

Amid ongoing challenges, India is exploring alternative markets such as Russia for its fishery sector, which has been significantly impacted by steep tariffs imposed by the United States.

So far, five rounds of negotiations have taken place between the two countries, with both sides announcing plans to finalize the first phase of the deal by fall 2025. A senior official indicated that another formal round of talks might not be necessary, as they await a response from the US side.

"They (US) have to get back to us. India's negotiations have been the most comprehensive, most detailed, WTO-compliant compared to any other country. Maybe it took time, but we negotiated very cautiously, keeping in view the interests of our sensitive sectors," the official explained.

Most recently, a delegation of Indian officials led by Commerce Secretary Rajesh Agrawal held three days of trade discussions in Washington, concluding on October 17.

These negotiations have gained urgency as bilateral relations face strain following the Trump administration's imposition of a 50% tariff on Indian goods, including an additional 25% import duty on Russian crude oil purchases.

The ambitious proposed agreement aims to more than double bilateral trade to USD 500 billion by 2030, up from the current USD 191 billion. The United States has remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion.

Commerce ministry data shows that India's merchandise exports to the US declined 11.93% to USD 5.46 billion in September due to Washington's high tariffs, while imports increased 11.78% to USD 3.98 billion during the same period.

Recently, US President Donald Trump expressed optimism about reaching a "fair trade deal" with India, suggesting that he will eventually lower the tariffs imposed on Indian goods. This marks the second time in under two weeks that the US president has indicated hope for finalizing the proposed bilateral trade agreement.