Union Commerce and Industry Minister Piyush Goyal on Tuesday said he is hopeful that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall, or November this year.
He noted that "a little bit" of geopolitical issues had overtaken trade matters in the negotiations for the pact. "I do hope that things will get back on track soon and we will conclude a bilateral trade agreement by the fall, November or so, as was discussed by our two leaders in February," Goyal said while addressing the Annual Global Investor Conference 2025 in Mumbai.
Speaking virtually, he added there is strong global interest in expanding trade and business ties with India.
'Geopolitical issues overtaking trade talks'
"We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America," he said. The minister pointed out that India has already signed free trade agreements with Australia, the UAE, Mauritius, the UK, and the four-nation European bloc EFTA.
"Lots happen, lots more to go. … With the US, we are in dialogue with them on a BTA," he said earlier in the day at an industry chamber event on sustainability.
India-US trade deal
India and the US have been negotiating the agreement since March, completing five rounds of talks so far. A US delegation was scheduled to visit India on August 25 for the next round of talks, but the visit was postponed after the US imposed a 50 per cent duty on Indian goods starting August 27. New dates for the sixth round of negotiations have yet to be decided.
Both countries aim to conclude the first phase of the BTA by this fall, with the goal of more than doubling bilateral trade in goods and services to USD 500 billion by 2030, up from the current USD 191 billion.
Amid the strain in relations, US Treasury Secretary Scott Bessent said he believes the two nations will eventually resolve their differences. He also remarked that Delhi’s values are much closer to those of the US and China than to Russia.
In an interview with Fox News, Bessent described the Shanghai Cooperation Organisation (SCO) as largely performative, following its annual summit in Tianjin, China, earlier this week.
"I think at the end of the day, India is the most populous democracy in the world. Their values are much closer to ours and to China's than to Russia's," he said. "I think at the end of the day, two great countries (India and the US) will get this solved. But the Indians have not been great actors in terms of buying Russian oil and then reselling it, financing the Russian war effort in Ukraine."
Trump's tariffs on India
India has defended its purchase of Russian crude, stating that its energy decisions are guided by national interest and market conditions. Bessent’s comments followed the Trump administration’s decision to impose 50 per cent tariffs on Indian goods over its Russian oil purchases, a move India has described as unjustified and unreasonable.
Acknowledging the current climate, Goyal said the world is experiencing volatility and uncertainty. "But it is a story of a half-full glass," he said, adding that challenges also create new opportunities for businesses.
With inputs from PTI
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