India Never Negotiates Trade Deals Based on Deadlines, It's Interests More Important: Piyush Goyal’s Strong Statement

New Delhi: Union Commerce and Industry Minister Piyush Goyal made a strong statement, asserting that India never finalises trade deals based on deadlines, as its national interests are more important.

He added that India is in no hurry to sign any trade agreement with the United States until a mutually beneficial understanding is reached with all the stakeholders and it could be a win-win situation for the two countries.

"It should be a win-win agreement, and only when India's interests are safeguarded - national interest will always be supreme  - and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries," Union Minister Piyush Goyal on the sidelines of 16th Toy Biz B2B expo in New Delhi.

The Union Minister further informed that trade discussions are ongoing with various countries be it the European Union, New Zealand, Oman, the US, Chile, or Peru asserting that this multiplicity in negotiations doesn't mean that India is in a rush to close any trade deal.

“India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” the Union Minister said. 

India-US trade deal delayed 

Union Minister Piyush Goyal's remarks have come when India-United States are negotiating a trade deal to avoid Donald Trump's tariffs, deadline for which will expire on July 9. 

On Thursday, sources said that India-US may enter into a mini-trade deal while a full fledged Foreign Trade Agreement (FTA) would be inked when Donald Trump will visit India, likely during the Quad Summit in September.

However, On Friday, reports said that there were less chances of a mini-trade deal or it has been delayed as a stalemate still persists in various sectors including Auto, Steel and Agriculture.

Reports also said that India has also signalled to levy a retaliatory tariff on US cars import if Donald Trump imposes 25 per cent tariff on auto.

Donald Trump pauses reciprocal tariffs for 90 days

Donald Trump just days after announcing reciprocal tariffs on over 130 nations in April 2, paused the trade tax for 90 days after several countries requested for a bilateral trade agreement with the United States.

Ever since then, India and several other nations have been engaged in bilateral discussions with the Trump administration to find a deal which is mutually beneficial to both the stakeholders.