India is prepared to engage with the US on a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA), while ensuring that core interests in sensitive
sectors such as dairy, agriculture, fisheries, and MSMEs are safeguarded, government sources told CNBC-TV18 on September 8.
India remains committed to boosting two-way trade even as it pursues parallel negotiations with other partners, including the European Union (EU), Eurasian Economic Union (EAEU), Gulf Cooperation Council (GCC), Oman, Qatar, Chile, Peru, and New Zealand, the sources added.
The sources also emphasised that India seeks fair, equitable, and balanced trade with reciprocity as a guiding principle in all negotiations.
The remarks come against the backdrop of the US imposing 50% tariffs on imports from India. On September 2, Commerce and Industry Minister Piyush Goyal confirmed that India is in talks with Washington for a BTA. A planned visit by an American trade delegation for the sixth round of negotiations in New Delhi was postponed last month.
India and the US have previously indicated a shared goal of doubling bilateral trade to $500 billion, with the first tranche of a multi-sector BTA targeted for conclusion by October 2025.
Meanwhile, India is inching closer to concluding negotiations for a Free Trade Agreement (FTA) with Qatar. The Terms of Reference (ToR) are expected to be finalised early next month, CNBC-TV18 reported.
President Trump, on Friday, 5 September, attempted to downplay the tensions, stating that Modi “would always remain his friend” and that there was “nothing to worry about” in the US–India relationship—though he added that he did not like what PM Modi is doing at the moment..
However, India appears to be leaving no stones unturned in its attemp to diversify exports. Last week, India's Commerce and Industry Minister Piyush Goyal highlighted “Our missions are working in 50 countries, which we have identified through data analytics and artificial intelligence … where our products that need a market can be offered, and in lieu of that, what we can buy from those countries who may also be stressed.”
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