On Trade Deal With US, Piyush Goyal's 'India's Interest' Remark Amid Timeline Concern

(Photo : ANI)

Union Commerce and Industry Minister Piyush Goyal on Friday said India will sign a trade deal with the United States or any other developed country only if the agreement is mutually beneficial and protects the country’s national interests.

Minister Goyal was speaking on the sidelines of the 16th Toy Biz B2B expo in New Delhi.

"It should be a win-win agreement, and only when India's interests are safeguarded -- national interest will always be supreme -- and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries," ANI quoted Goyal as saying.

Goyal stressed that India never enters into trade deals based on deadlines or time pressure and only accepts agreements that are fully matured and well-negotiated.

"India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest," he stated.

Goyal said that India is currently engaged in trade talks with several countries, including the European Union, New Zealand, Oman, the US, Chile, and Peru. 

"Discussions are ongoing with various countries -- be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations," ANI quoted Goyal as saying.

Goyal’s remarks come against the backdrop of India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, returning from Washington after trade talks with US officials without reaching a final agreement on the sensitive issue of trade in agricultural and dairy products.

However, there is still a glimmer of hope that an interim bilateral trade agreement may be reached at the highest political level in the two countries before the July 9 deadline for the 26 per cent hike in US tariffs on Indian exports to kick in.

The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 to July 2.

The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle, as for India, this is a livelihood issue of the country’s small farmers and hence is considered a sensitive area.

While India is looking to secure an exemption from President Donald Trump's 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear.

Meanwhile, President Trump has announced that the US administration will start sending letters informing trading partners of their tariff rates as soon as Friday, even as negotiations with various countries, including India, to avoid higher US levies have stretched into the last lap.

Trump told journalists late on Thursday that about "10 to 12 countries will get letters on Friday" with additional letters coming "over the next few days".

He said that the tariffs will range in value from 60 per cent to 70 per cent and 10 per cent to 20 per cent, which these countries will have to start paying from August 1, to do business with the US.

(With agencies' inputs)