India does trade deals in its national interest and is not bound by deadlines, Piyush Goyal said
- India will finalise trade deals only if they are mutually beneficial and protect national interests
- India and the US are nearing an interim trade deal amid talks on agricultural and labour-intensive goods
- The suspension of US reciprocal tariffs ends on July 9, prompting urgency in finalising the deal
India is in no hurry to finalise any major trade deal on the basis of a deadline, but will agree on a decision if it is a win-win for both parties, Union Commerce Minister Piyush Goyal said today. His comments come as India and the US are likely at the final stages of an interim trade deal.
The Union Minister highlighted India's approach to international trade negotiations remains firm and principled.
While India is seeking greater market access for its labour-intensive goods, the US wants duty concessions for its agricultural products. These talks are important as the suspension of US reciprocal tariffs is ending on July 9. The two sides are looking at finalising the talks before that.
"It should be a win-win agreement, and only when India's interests are safeguarded - national interest will always be supreme - and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries," he said on the sidelines of the 16th Toy Biz B2B expo in Delhi.
"Discussions are ongoing with various countries -- be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations," he said.
"A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest," Mr Goyal added.
Mr Goyal's sentiment has parallels to what External Affairs Minister S Jaishankar once said about buying Russian oil amid threat of sanctions by the West over the war in Ukraine, that India will buy from anyone who sells oil for the best possible price or a better deal for the country in the interest of its citizens.
Other experts have also said that the India-US interim trade deal is intended to be a true win-win negotiation and an agreement that will endure and one that will be built on in a broader mega deal.
The interim trade deal is expected to be announced anytime and will have to navigate sensitive issues linked to agriculture, no matter what the deal may look like.
"This is because farmers occupy an enormously important cultural space in all of our countries," Atul Keshap, president of the United States India Business Council (USIBC), told NDTV on Thursday.
"Look at the Japanese rice farmers, for example. And farming and agriculture hit very close to the home and the heart, and these are also extremely important political constituencies. So of course the trade negotiation with regard to any agricultural issues will be the most sensitive," he added.
