Union Commerce Minister Piyush Goyal on Friday emphasised that India will not sign any trade agreement 'under pressure' and reiterated that 'national interest' remains 'paramount' in ongoing negotiations with the United States.
Speaking to reporters, Goyal said that discussions were progressing constructively, adding, "I have said it many times before that we do not negotiate at the gunpoint. Time restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty."
The remarks come in the wake of US President Donald Trump’s announcement of a temporary suspension on reciprocal tariffs for all nations except China. India, which was previously at risk of being subjected to steep import duties, has now been granted a 90-day reprieve.
Goyal confirmed that both nations aim to finalise the first phase of the bilateral trade agreement by September–October this year. The broader goal, he said, was to more than double trade volumes between India and the US to USD 500 billion by 2030 from the current USD 191 billion.
He underlined that negotiations were unfolding in alignment with the government's vision for a 'Viksit Bharat' by 2047 and insisted that India was focused on long-term economic sovereignty. "All the trade talks are progressing well in the spirit of India first and to ensure our pathway to Viksit Bharat 2047," he stated.
External Affairs Minister S. Jaishankar echoed Goyal’s sentiments, confirming that trade agreements with both the US and the European Union were being pursued with urgency. He noted that the Trump administration had shown receptiveness to India's proposals.
"Within a month of change in the administration, we actually have conceptually an agreement that we will do a bilateral trade agreement; that we will find a fix that will work for both of us because we have our concerns too. And it's not an open-ended process," said Jaishankar.
The United States and India had agreed to negotiate the first tranche of the deal following recent high-level talks between Prime Minister Narendra Modi and President Trump in Washington.
Regarding the India-EU free trade agreement, Goyal said, "Trade talks proceed when both sides are sensitive to each other's concerns and requirements." He reiterated the need for concrete steps to expedite the agreement’s conclusion.
Jaishankar added, "We are trying to in each case get the other side to kind of speed it up."
The trade dialogues are viewed as a strategic pivot amid a shifting global trade landscape and increasing geopolitical volatility. Both Goyal and Jaishankar reaffirmed India's commitment to fair trade while safeguarding domestic interests.
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