New Delhi: Despite the ongoing tariff tensions, Union Commerce & Industry Minister Piyush Goyal sounded confident that India and the United States will reach a bilateral trade agreement (BTA) by November.
“I do hope that things will get back on track soon and we will conclude a bilateral trade agreement by the fall, November or so, as was discussed by our two leaders in February,” Piyush Goyal said during a virtual address to the Annual Global Investor Conference in Mumbai.
Acknowledging that “a little bit of geopolitical issues overtook the trade matters in the negotiations,” Goyal asserted that both sides remain engaged.
At the same time, Goyal said India was focused on building resilience in supply chains and advancing self-reliance in key sectors like auto and electronics, in which export restrictions on critical inputs create vulnerabilities.
“We are not at the mercy of any one geography who can actually hurt our industry in any significant manner,” Goyal said.
The Commerce & Industry minister added that volatile global conditions can bring opportunities.
“It is a story of a half-full glass… Along with the private sector, the government is working to fortify ourselves for long-term capacity building,” Goyal assured. He pointed out that India has already signed agreements with Australia, the UAE, Mauritius, the UK and the EFTA bloc, while talks with the EU are in a crucial phase.
Since March, India and the US have held five rounds of talks to thrash out a trade pact.
The Donald Trump administration’s 50 per cent tariff on Indian goods, including 25 per cent penal tax for purchasing Russian oil, has irked New Delhi and slowed down the process of finalising a BTA.
