India in No Rush Over US Trade Deal, Says Goyal; Talks Advancing with EU and Italy As India navigates complex trade negotiations on multiple fronts, the government's stance remains firm, progress is welcome, but not at the cost of long-term national interest.
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India is maintaining a cautious but optimistic approach to its proposed bilateral trade agreement (BTA) with the United States, Commerce and Industry Minister Piyush Goyal said on Friday, emphasizing that the government will not compromise national interest for the sake of speed.
As reported by PTI, responding to questions on the India-US trade negotiations, Goyal was clear: "We do not negotiate at gunpoint. Timely restrictions are good as they encourage us to talk swiftly, but until we can protect the interests of the country and people, it is never good to be hasty." The minister underlined that every step in the talks is taken with "India first" in mind, aligning with the long-term vision of Viksit Bharat 2047.
India and the U.S. are working toward finalizing the first phase of the agreement by September or October this year. The two sides have set an ambitious goal to more than double bilateral trade to $500 billion by 2030, up from the current $191 billion. The ongoing dialogue, while steady, reflects India's emphasis on a fair and balanced deal.
Meanwhile, Goyal noted that discussions with the European Union on a free trade agreement are also progressing, but stressed that such talks succeed only when both parties are sensitive to each other's concerns. He acknowledged that Indian businesses often face non-tariff barriers in the EU market, which remain a sticking point in negotiations.
Speaking at the Italy-India Business Forum, the minister also highlighted the urgent need to fast-track the India-EU free trade agreement. "Concrete steps need to be taken," he urged, suggesting that the agreement could significantly strengthen economic ties between both regions.
Goyal pointed to the India-Middle East-Europe Corridor (IMEC) as a strategic initiative that could deepen India's engagement with Italy and other EU nations. He called for smoother investment flows and reduced trade hurdles between India and Italy, noting the existing trade volume of $15 billion has room to grow substantially.
"There is tremendous potential to grow," Goyal said, adding that promoting investment and ensuring seamless trade could unlock new opportunities for both sides.
