'Talks On In Cordial Atmosphere...': Piyush Goyal Shares Big Update On India-US Trade Deal

The talks between India and the United States on a proposed bilateral trade agreement are progressing in a cordial atmosphere and New Delhi will protect the interests of farmers, fishermen and MSME sectors,

said Union Commerce and Industry Minister Piyush Goyal. "I believe the talks are progressing in a very cordial atmosphere and I have said many times that free trade agreements or trade talks are never based on deadlines. The talks are progressing very well. The talks are ongoing and we will definitely inform you when we reach a decision," Goyal told reporters on Saturday."Bharat ke kisano ka, machhuvaaron ka, Bharat ke MSME sector ka, jub tak desh hiton ko puri tarah se hum sambhalen nai, tab tak koi agreement kiya nai jata (No agreement can be made until we take care of the interests of India's farmers, fishermen and MSME sector)," Goyal said. The Union Minister was replying to a question about the progress of talks between the two countries on the proposed pact and by when it will be concluded.The remarks are important as the US is seeking concessions in India's agriculture sector.On India's growth, Goyal said, "Despite the international difficulties, in a very volatile, very turbulent international environment, India is progressing so rapidly that even the IMF had to revise its forecast upward to 6.6 per cent growth this year. In the first quarter, we saw a historic growth of 7.8 per cent this year..."

India-US Trade Deal

The Indian official team, headed by Commerce Secretary Rajesh Agrawal, was in Washington this week to hold trade talks with their US counterparts. The three-day talks ended on October 17. The team is on its way back from the US.An official said that the talks were positive during this visit between the two sides and a number of issues have been resolved in earlier rounds of negotiations also, reported PTI. In February this year, leaders of India and the US directed officials to negotiate a proposed Bilateral Trade Agreement (BTA). They have fixed a deadline to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been completed. The proposed pact aims to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion. Last month, Goyal led an official delegation to New York for trade talks.The talks were held as the relations between New Delhi and Washington have been reeling under severe stress after the Trump administration imposed a steep 50 per cent tariff on Indian goods. It includes a 25 per cent additional import duty for buying Russian crude oil. India has described these duties as "unfair, unjustified and unreasonable".However, the recent phone conversations between Prime Minister Narendra Modi and US President Donald Trump have raised hopes of a positive outcome from the ongoing negotiations for the trade deal.(With PTI inputs)