India-US Trade Talks: Goyal on Agreement & Tariffs

New Delhi, Aug 29 (PTI) Commerce and Industry Minister Piyush Goyal on Friday said India is negotiating a bilateral trade agreement with the US, indicating that the steep 50 per cent tariff imposed by America on Indian goods will not have much impact on the country's economy.

"If somebody wants to have a good free tarde agreement, we will always be ready. But if somebody discriminates...We will never bow down, nor will we ever be weak, together we will keep moving forward," he said here at an industry event.

The remarks came in the backdrop of the Trump administration imposing a steep 50 per cent tariff on Indian goods entering America.

The imposition of this high duty is seen as a pressure tactics by America on India to accept its demands in the proposed bilateral trade agreement (BTA). The US is seeking greater market access in politically sensitive agri and dairy sectors.

India has described these duties as unfair and unjustified. It has stated that the government will not compromise the interests of farmers and cattle rearers.

Goyal said that efforts are being made for export diversification and "I can say with confidence that India's exports this year will exceed 2024-25 numbers".

In 2024-25, the country's goods and services exports touched an all-time high of USD 825 billion.

In the global trade market, India's share is low and hence, "there is no need to fear", the minister said, adding the country has successfully managed Covid pandemic and nuclear sanctions.

Observing that India is an import-dependent economy, he noted that about 40 per cent of India's exports to US are not covered by the tariffs.

About the proposed free trade agreement, the minister said, "We are talking to US for a BTA. We have plan to complete the first first phase of the BTA by fall (Oct-Nov) of this year."

India and the US have been negotiating the pact since March. So far five rounds of talks are completed. After 50 per cent duty was imposed, the US team has deferred its visit to India for the next round of talks, which was scheduled from August 25.

So far no new dates have been finalised for the sixth round of negotiations.