If US Trade Rep 'Very Happy', Then Trade Deal Should Be Signed: Piyush Goyal
The US Trade Representative should be "signing on the dotted line" if they are "very happy" with India's offers, Union Commerce Minister Piyush Goyal said on Thursday, while addressing the press in Mumbai.
Goyal's remarks—a rare comment on the US commentary on trade talks—comes two days after USTR Jamieson Greer told a Senate Appropriations Committee that the recent offers made by India for a trade pact are the "best that the US has ever received."
Goyal, however, noted that a timeline cannot be imposed on the finalisation of India-US trade deal. His remarks came shortly after Chief Economic Adviser V Anantha Nageswaran hinted at March closure.
"I don't know what the CEA has said and I cannot put a timeline," Goyal told reporters in Mumbai, at sidelines of the Italy-India Business Forum.
"A deal is only done when both sides benefit. If we do it in a hurry, then there could be mistakes," he underlined.
Goyal stressed that India is negotiating trade pacts with a "sense of urgency". The country is only refraining from putting a deadline for the closure on any deal.
The trade talks with all negotiating partners are done behind closed doors, the minister said, adding that as soon as those issues are resolved, a fair equitable trade agreement gets finalised.
Earlier on Thursday, Nageswaran was reported by Bloomberg as saying that the India-US trade deal could be reached by the end of this financial year.
"I was hoping something would be done by the end of November, but it has turned out to be elusive," Nageswaran said in an interview with Bloomberg Television. "That's why it is difficult to give a timeline on this. However, I would be surprised if we don't have it sealed by the end of the financial year."
Notably, India and the US have been locked in trade negotiations since earlier this year. The talks derailed briefly in August, after the US slapped tariffs as high as 50% on Indian imports. This includes 25% punitive levies for New Delhi's continued purchase of crude oil from Moscow.
The talks resumed in September, with expectations of a first tranche of trade deal, which addresses the reciprocal tariffs, to be inked by the year-end.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
