US trade deal: ‘Sign if happy,’ says Piyush Goyal, but Indian offer stays secret

Commerce and Industry Minister Piyush Goyal on Thursday said the United States should move ahead and sign the long-pending free trade agreement (FTA) with India if Washington is satisfied with New Delhi’s proposals, even as he declined to commit to any timelines for the pact.

Goyal welcomed comments by US Trade Representative Jamieson Greer, who had described India’s latest proposal as the “best ever” received from the country. “His happiness is very much welcome. And I do believe that if they are very happy, they should be signing on the dotted lines,” Goyal told reporters. He, however, stopped short of disclosing specifics of India’s offer.

The minister confirmed that five rounds of negotiations have taken place so far, but stressed that the ongoing visit of US Deputy Trade Representative Rick Switzer, his first since assuming office three months ago, was not part of the negotiation track. Switzer’s two-day discussions in New Delhi, led on the Indian side by Commerce Secretary Rajesh Agrawal, focused on strengthening bilateral economic engagement and reviewing progress on the proposed bilateral trade agreement (BTA).

Goyal said his talks with Switzer were “substantial”, adding that building mutual understanding was the priority at this stage. He reiterated that trade negotiations should not be rushed.

“A deal is only done when both sides stand to benefit. And I don’t think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then,” he said, distancing himself from comments by Chief Economic Adviser V. Anantha Nageswaran, who had suggested the pact could be signed in March next year.

The trade discussions come against the backdrop of a phone call between Prime Minister Narendra Modi and US President Donald Trump on Thursday, during which the leaders reviewed avenues to deepen cooperation in trade, critical technologies, energy, defence and security.

In testimony before a US Senate Appropriations Subcommittee earlier this week, Greer said India had shown unexpected flexibility in certain areas, including row crops such as corn, soybeans and wheat, traditionally sensitive sectors in Indian policymaking.

“They have been very difficult nuts to crack... but they have been quite forward-leaning. The type of offers they have been talking to us about have been the best we have ever received as a country,” he said, adding that India could emerge as a viable alternative market for US producers.

The talks are widely seen as critical as both sides seek to finalise the first phase of the BTA. The Trump administration has imposed steep 50 per cent tariffs on Indian goods entering the US, a move that has hit Indian exporters hard at a time when the rupee has slid to record lows, breaching the Rs 90-per-dollar mark.

Industry bodies have warned that the duties are eroding export competitiveness in a market that accounts for nearly 18 per cent of India’s outbound shipments.

Washington first levied a 25 per cent tariff citing concerns over the trade deficit, around USD 46 billion in 2024–25, and later imposed an additional 25 per cent penalty after India continued to import Russian crude. New Delhi has maintained that resolving these tariff barriers is essential before any agreement can be finalised.

The US is seeking duty concessions on agricultural products such as almonds, apples and corn, as well as on certain industrial goods. India has pushed back firmly, saying it will not compromise the interests of its farmers or its MSME sector, and has categorically ruled out concessions in agriculture and dairy.

Exporters, meanwhile, are awaiting clarity as negotiations continue, exploring alternative markets but emphasising that the US remains crucial to sustaining growth in India’s external trade.

With PTI inputs