Good if US trade pact sealed by August 1, but nation first: Piyush Goyal

Commerce and industry minister Piyush Goyal on Sunday said it would be good if India and the US can do a trade agreement before August 1 but New Delhi's priority is to protect its national and public interests.

"Koi deadline ke hisab se Bharat negotiate nahi karta (India doesn't negotiate its trade agreements based on deadlines)," Goyal added at an event in Mumbai on the opportunities for exports in the UK market following the bilateral free trade agreement.

He was responding to a question about the August 1 deadline when the US' reciprocal tariffs imposed on most countries, including India, are expected to come into force. The minister said the talks are going well with the US and India will do a good bilateral trade agreement (BTA) by October-November.

American trade negotiators are slated to visit India in August for the next round of negotiations for the proposed BTA, the first tranche of which is aimed to be concluded by October. The fifth round of talks concluded in Washington last week.

The countries aim to more than double bilateral trade to $500 billion. The two sides were working to finalise an interim trade deal before August 1.

"Our discussions with the United States are progressing very well. I am fully confident that by the October-November 2025 timeline, we will secure a good agreement," Goyal said.

This was his first outreach programme with industry after the India-UK Comprehensive Economic and Trade Agreement (CETA) was signed on July 24. Exporters from gems and jewellery and marine sectors, among others, participated in the event.

"It is the most comprehensive free trade agreement India has ever entered with 30 chapters, including environment, gender, anti-corruption," Goyal said about CETA. "It has so many positives and new things that today the world wants to do business with India."

He said India is in the process of finalising trade agreements with developed countries with whom it doesn't compete but complement.

Whether it is New Zealand, Oman, the US, or the EU, India's agreements will be made with a "well-thought-out strategy" as the country negotiates from a position of strength and confidence, the minister said.

He alleged that the previous UPA government had left Indian trade, farmers and fishermen to the mercy of a non-market economy by its move to join the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between Asean countries and China, Japan, South Korea, Australia and New Zealand.