As the clock ticks in direction of U.S. President Donald Trump’s ‘reciprocal tariffs’ to kick in on July 9, Commerce Minister Piyush Goyal has expressed optimism that India and the U.S. may signal a preliminary or early tranche of a bigger trade deal before that date, although he stopped quick of confirming a deal could be signed.
“We are in continuous dialogue. I have always been an optimist,” Mr. Goyal mentioned in an interview with The Hindu on the fringes of a convention organised by the India Global Forum 2025 in London.
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“I’m very confident that, given that the U.S. and India are very friendly countries, trusted partners, both wanting to have resilient, reliable, trusted supply chains, both vibrant democracies, we will be able to come up with a win-win for the businesses of both countries,” Mr. Goyal added. Failure to signal such a deal would, as issues stand, would end in Indian items getting into the U.S. being tariffed at 26% beginning in early July.
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Mr. Goyal didn’t touch upon whether or not a deal on the delicate dairy and agricultural items sectors would kind half of the preliminary tranche of the Bilateral Trade Agreement (BTA) beneath dialogue with the U.S.
“I think negotiations are best left to the negotiators and the negotiating table. We will, of course, inform the media at the right time,” he mentioned.
Mr. Goyal additionally didn’t wish to touch upon the influence a lapse within the U.S.’s Trade Promotion Authority (TPA) would have on the trade deal. The TPA is a course of within the U.S. Congress to delegate authority to the U.S. President to quick monitor trade offers, which frequently contain tariff charges which are extra beneficial than the very best price supplied to different World Trade Organization (WTO) member nations, often called the Most-Favoured Nation (MFN) price.
Earlier, Mr. Goyal had participated in a moderated dialogue along with his U.Ok. counterpart, Business and Trade Secretary Jonathan Reynolds. The two nations had introduced a free trade settlement on May 6. Mr. Goyal mentioned the U.Ok. and India have been profitable in concluding a deal as a result of the perimeters had agreed to be delicate to at least one one other’s considerations, setting apart points that might not be negotiated simply.
On the India-EU trade talks, Mr. Goyal mentioned the perimeters have been seeking to conclude a trade deal by the tip of this calendar yr, when requested whether or not they would announce a full-scale trade deal or an interim settlement first.
“There’s that famous English phrase…since we are in Great Britain …‘the air is pregnant with possibilities’, he said adding he did not know what size and shape the agreement would have.
On whether the Trump administration’s return to the White House had impacted the speed and direction of India’s trade talks with the E.U., Mr. Goyal suggested that third parties did not impact bilateral deals. Last week, the E.U.’s foreign minister, Kaja Kallas, had said at a joint press conference with External Affairs Minister S. Jaishankar that the E.U. was a “reliable, predictable and credible partner for India”. Countries have been looking for to recalibrate their relationship with the U.S. because the return of U.S. President Donald Trump and his ‘America First’ philosophy to the White House.
“I don’t think there’s any impact of any other situation on a negotiation between two countries, because these negotiations are not a short-term arrangement. These are like long-term marriages you are negotiating after crystal-gazing … 25 years, 50 years, into the future,” Mr. Goyal mentioned.
India desires WTO strengthened
On the relevance of the WTO, given the change within the U.S. administration and its retrenchment from multilateralism, Mr. Goyal mentioned the world trade physique had an “important” position to play and that India believed “very strongly” in multilateralism.
“[India] believes we have to strengthen the WTO over the next few years through dialogue and discussions and will continue to play an increasingly important role to promote multilateralism,” he mentioned.
Tata Steel Not Discussed with the U.Ok.
Mr. Goyal additionally mentioned that India had not made an intervention with the U.Ok. on behalf of Tata Steel, which owns the Port Talbot metal plant in South Wales. The plant has needed to import uncooked materials from India and Europe following the closure of its blast furnace final yr because it prepares to operationalise an electric-arc furnace in 2027. This could imply it runs afoul of the U.S.’s guidelines on inputs to qualify for any tariff reductions that the U.Ok. and U.S. comply with. The Trump administration has threatened to completely or partially keep tariffs of 25% on British metal until the U.Ok. offers ensures on Tata Steel’s inputs, as per a report within the Guardian.
“That, the U.K., has to negotiate with the U.S.,” Mr. Goyal mentioned.
Published – June 18, 2025 11:00 pm IST
