Trade Deals Not Bound By Deadlines, Says Piyush Goyal Amid India-US BTA Talks
A trade agreement should be a 'win-win' pact, aimed at furthering the national interest, the minister said.
Trade pacts between two countries are "not bound by deadlines", Union Commerce Minister Piyush Goyal said on Friday, amid the ongoing talks between India and the United States for a bilateral trade agreement.
High-level teams representing New Delhi and Washington have been involved in hectic negotiations to hammer out a deal before July 9 — the deadline imposed by the Donald Trump-regime to reinstate the so-called reciprocal tariffs.
Goyal, while noting that the negotiations are underway, said trade agreements are inked only when its a "win-win" scenario.
India's national interests will always be "supreme", the minister said, reiterating that trade deals are "not made on the basis of deadlines"
When the pact is fully ready, it will be finalised, Goyal further said. His comments come amid growing speculations of the India-US trade deal being announced before the July 9 tariff deadline set by the Trump regime.
Commerce ministry sources told NDTV Profit that the Indian negotiators, led by Special Secretary Rajesh Agrawal, have returned from the US.
The trade talks are still ongoing, with "everything still on the table", the persons privy to the developments said. The deal will be made only if India gets sustained preference in focus sectors, which includes leathers, toys and footwear, they added.
The interim agreement, whenever finalised, is expected to be limited to goods. "Deadlines will not be a factor in dealmaking," the sources said, underlining India's stand that substance will take precedence over speed.
Exemptions for sectoral tariffs, particularly on steel, aluminium, and auto components, are unlikely to be part of the interim arrangement, the officials added.
