Amid reports claiming that a trade deal between India and the USA will be signed withing the next 48 hours ahead of president Donald Trump’s July 9 deadline for reciprocal tariff, Indian govt has firmly said that the country does not do trade deals based on timeline. Union Commerce Minister Piyush Goyal on Friday made it clear that any trade deal with America would only happen when it is a win-win situation for both the countries, and it can’t be subject to any deadline.
Talking to reporters in Delhi, Goyal said, “India discusses on its own terms and we never make a trade deal based on a timeline. When the deal is good, fully matured, and in the national interest, then we accept it.”
He added that discussions are ongoing with various countries, including the European Union, New Zealand, Oman, the United States, Chile, Peru etc. Goyal said, “negotiations for agreements are underway with many countries. A free trade agreement happens only when there is mutual benefit. When the deal is made while safeguarding India’s interests, keeping in mind that national interest will always remain paramount, then India is always ready to make deals with developed countries.”
#WATCH | Delhi | "…India discusses on its own terms and we never make a trade deal based on a timeline; when the deal is good, fully matured, and in the national interest, then we accept it, " says Union Commerce Minister Piyush Goyal on being asked about the trade deal with… pic.twitter.com/1Eq8iyDRDe
— ANI (@ANI) July 4, 2025
Earlier, reports citing sources claimed that an interim trade deal between India and the US is likely to be signed within the next 48 hours – days before the 9 July deadline of Donald Trump’s reciprocal tariffs is set to expire.
President Trump threatened a 26% duty on Indian goods as part of his April 2 “Liberation Day” reciprocal tariffs, which were temporarily lowered to 10% to buy time for negotiations with the 9 July deadline.
As per reports, a trade delegation from India was still in Washington for the negotiations that started last week. The Indian trade delegation led by special secretary Rajesh Agarwal has extended its stay in Washington due to non-conclusion of the deal.
It was reported that while negotiations were in the final stages, it was stuck with India not relenting on Trump’s demand to open the agriculture and dairy sectors completely to the US. According to sources, India has refused to budge on lowering tariffs on genetically modified corn, soybeans, rice and wheat grown in the US.
Earlier on June 27, Donald Trump said that US will soon have a trade deal with India and said that it will be a great deal. Trump said, “Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one.”
The proposed India-USA bilateral trade agreement (BTA) aims to double trade between the two nations to USD 500 billion by 2030.
