Union Minister Piyush Goyal, while commenting on US deputy trade representative Rick Switzer's India visit, on Thursday said that the trade talks between the two nations are progressing well, adding that a deal is only done when both sides stand to benefit.
"...Negotiations are progressing well. We've had substantive discussions over several rounds of negotiations. In the past, I think five rounds have happened. The current visit is not a negotiating round. The current visit is a new deputy United States Trade Representative (USTR) who has joined about three months ago. It's his first visit to India. We're getting to know each other...We had very good substantive discussions. But I have said on record that a deal is only done when both sides stand to benefit. We should never negotiate with deadlines because you tend to make mistakes then," said Goyal.
The minister said there have been five rounds of negotiations with the US on the trade deal, and added that US Deputy Trade Representative Rick Switzer's ongoing visit to India is not centred around negotiations.
Switzer's visit to India, his first since taking over three months back, is an effort at getting to know each other well, Goyal said, adding that he had "substantial discussions" with the visiting official.
The minister has been busy notching up FTAs with many countries in the world, including Chile, Israel and New Zealand.
"A deal is only done when both sides stand to benefit. And I don't think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then," Goyal said, limiting himself to saying that negotiations with the US are progressing well.
Speaking at a Senate Appropriations Subcommittee hearing on Tuesday in Washington, Greer said there is resistance in India to certain row crops and other meat and products. Row crops in the US include corn, soybeans, wheat and cotton.
They have been very difficult nuts to crack...but they have been quite forward leaning....the type of offers that they have been talking to us about ...have been the best, we have ever received as a country, so I think that is a viable alternative market," he said.
These remarks are important as both sides are trying to conclude the first phase of the proposed bilateral trade agreement (BTA).
The talks are important as the Trump administration has imposed steep 50 per cent tariffs on Indian goods entering American markets. The outcomes will also have a positive influence on the trajectory of the rupee, which has depreciated to lifetime lows lately and also breached the psychologically important 90-to-a-dollar mark.
The Indian industry and exporters are eagerly waiting for the conclusion of the negotiations and announcement of the deal, as the high import duties are hurting their shipments to America.
Though they are exploring other markets to maintain their export profits, the US is a key destination for them as it accounts for about 18 per cent of the country's exports.
First, the US imposed a 25 per cent duty on Indian goods, stating trade deficit concerns with India, which stood at around USD 46 billion in 2024-25. An additional 25 per cent penalty was imposed later on India for buying Russian crude.
India has stated that the resolution of these tariffs would be key to firming up the first phase of the trade deal.
As part of the pact, the US is seeking duty concessions on agri products like almonds, corn and apples, and industrial goods. India has strongly opposed any concessions on the agri and dairy sectors. India has stated that it will not compromise the interests of farmers and MSMEs.
Source Name : Economic Times