India Hopeful Of Concluding Trade Agreement With US By November Or So: Piyush Goyal Amid Trump's 50% Tariffs

(MENAFN- Live Mint) India is hopeful of concluding its proposed bilateral trade agreement (BTA) with the United States by the fall, potentially by November, despite recent geopolitical challenges affecting negotiations, inclkuding Donald Trump imposed 50 Tariffs on Indian goods entering US.

Commerce and Industry Minister Piyush Goyal expressed optimism on Tuesday, emphasising that trade discussions between the two nations are expected to resume full pace soon, with the agreement aimed at doubling bilateral trade to USD 500 billion by 2030.

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Piyush Goyal acknowledged that geopolitical considerations had temporarily overtaken trade matters.“We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America,” he said at the Annual Global Investor Conference 2025 in Mumbai. India has already signed free trade agreements with Australia, the UAE, Mauritius, the UK, and the European Free Trade Association (EFTA) bloc.

The India-US BTA negotiations, initiated in March , have completed five rounds so far. A sixth round, originally planned for late August, was deferred after the US imposed 50 per cent duties on Indian goods, and no new dates have been confirmed. The pact seeks to more than double bilateral trade in goods and services from USD 191 billion to USD 500 billion by 2030.

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Opportunities Amid Global -education-share-price-nse-bse-s0004765" data-vars-anchor-text="Global" data-vars-link-type="Auto" data-vars-page-type="story"> Global Volatility

Piyush Goyal highlighted global uncertainty but stressed potential opportunities for Indian industry.“But it is a story of a half-full glass,” he said, underscoring government efforts to strengthen the economy and develop resilient supply chains, reducing dependence on single geographies. He encouraged domestic sourcing:“We recognise that there is a tremendous global turbulence... Along with the private sector, we are working to fortify ourselves for long-term capacity building.”

India-EU Trade Talks Progressing

Piyush Goyal also provided updates on India-EU trade talks , stating,“We are making very active and significant progress.” Commerce Secretary Sunil Barthwal is currently in Brussels for discussions. The 13th round of negotiations is scheduled to begin in India on September 8, followed by a visit from European Commissioner for Trade Maros Sefcovic on September 12. Talks are expected to conclude by the end of the year.

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US Treasury Secretary Scott Bessent noted that India-US relations would ultimately be resolved despite recent tensions.“India is the most populous democracy in the world. Their values are much closer to ours and to China's than to Russia's. I think at the end of the day, two great countries (India and the US) will get this solved,” he said, while also commenting on India's energy procurement from Russia, which India defends as a market-driven policy.

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