New Delhi: India is actively negotiating a Bilateral Trade Agreement (BTA) with the United States, Commerce and Industry Minister Piyush Goyal said on Tuesday. Speaking at an industry chamber event on sustainability, Goyal confirmed that five rounds of talks have already taken place between the two countries.
US-India Trade Pact Talks Face Temporary Setback
The sixth round of talks was scheduled for August 25, but has been deferred following the imposition of a 50% duty on Indian goods from August 27 by the US. So far, no new dates have been finalized for the next round of negotiations.
Despite the setback, Goyal maintained optimism, noting that India has successfully signed free trade agreements (FTAs) with Australia, UAE, Mauritius, the UK, and the EFTA bloc. “Lots have happened, and lots more to go,” he said while reiterating India’s growing global trade footprint.
US Treasury Official Expresses Optimism Despite Strained Ties
Amid ongoing tensions, US Treasury Secretary Scott Bessent expressed confidence that India and the US will resolve their differences. In an interview, Bessent said, “At the end of the day, two great countries will get this solved. India’s values are much closer to ours and to China’s than to Russia’s.”
However, he criticized India’s purchase of Russian crude oil and alleged it was indirectly financing the war in Ukraine. India, in response, has defended its energy procurement policies, stating they are based on national interest and market dynamics.
India-EU Free Trade Agreement Talks Advance
On the sidelines of the US-India dialogue, Goyal also updated on India’s FTA talks with the European Union (EU). He said the 13th round of India-EU FTA negotiations will begin on September 8 in New Delhi, with Commerce Secretary Sunil Barthwal currently in Brussels to prepare for the talks.
The negotiations are on a tight timeline, with both sides aiming to finalize the deal by the end of 2025. European Commissioner for Trade Maroš Šefčovič is expected to visit India next month to assess progress.
The FTA talks between India and the 27-member EU bloc resumed in June 2022 after an eight-year hiatus. Discussions cover 23 chapters, including Trade in Goods, Services, Investment, Sustainable Development, and Geographical Indications (GIs).
India’s Self-Reliance Strategy Underlines Trade Negotiations
Highlighting India’s strategic shift toward economic self-reliance (Atmanirbhar Bharat), Goyal said the country is no longer dependent on external supply chains.
“India’s supply chains are resilient. We are not at the mercy of any other country choosing to switch on or switch off the tap,” he stated.
The minister emphasized that India’s confidence in dealing with global trade challenges is growing, powered by domestic capability and international trust.
