The country’s trade minister said India’s goal is to complete a bilateral trade agreement with the United States by November, adding that the deadline for negotiations is not as important as the need to reach a “mutually beneficial” agreement.
“We never negotiate deals with deadlines – we only negotiate good trade agreements that are mutually beneficial,” Goyal said at an industry event on Tuesday.
“We are always open to fair and mutually beneficial trade agreements,” he said, adding that the Narendra Modi government is still working with the United States to sign AA bilateral trade agreements.
Also on AF: Trump will demand that the Supreme Court allow tariffs after legal setbacks
In another event, he said the government hopes to enter into a trade agreement by November.
Goyal’s remarks are due to the fact that US President Donald Trump’s 50% tariff on major Indian exports will take effect from August 27. Trump said he did not intend to lower India’s tariffs, half of which were punitive measures against the country’s Russian oil purchases.
Trump said on Monday that India proposed reducing its tariffs on U.S. goods to zero. “They are now offering to cut tariffs to nothing, but it’s too late. They should have done so a few years ago,” Trump wrote on his truth social platform, referring to the U.S.-India relations as “one side.”
Indian officials did not respond to Trump’s claims, but Prime Minister Modi also took action this week to renew trade and diplomatic ties with rival China, which was once the same thing.
Modi participated in a summit of more than 20 leaders of non-Western countries in China, an initiative backed by Trump’s global tariff offensive China.
At the summit, Chinese President Xi Jinping exerted a vision for a new global security and economic order that prioritizes the “global south”, a direct challenge to the United States. Seeing Modi shake hands with Xi Jinping and Russian President Vladimir Putin and laugh.
Seek help with global transactions
Meanwhile, on Tuesday, Goyal said India also reached a trade deal worldwide. Goyal used to have explain India “neither surrender nor appears weak”. Instead, it will focus on capturing new markets, he said last week.
Goyal said in an address that trade talks with the EU are underway and relations with China are “normal” as border tensions are relaxed.
He said in another event that India has reached trade agreements with Mauritius, Australia, Efta, the United Kingdom and the UAE.
#watch |Delhi | Trade Union Commerce and Industry Minister Piyush Goyal said: “…India is engaging in a bilateral trade agreement with the United States…” pic.twitter.com/brvzuudzae
– ani (@ani) September 2, 2025
Indian Foreign Minister Subrahmanyam Jaishankar met his German counterpart, Johann Wadephul, who is on a two-day visit in New Delhi on Wednesday. Both ministers called for increased bilateral trade, including in the areas of defense and security.
Jaishankar also said India is counting on German support to deepen ties with the EU and speed up trade negotiations.
Trade talks between India and the EU – resumed in 2021 after eight years of stagnation – face obstacles in the EU’s efforts to reduce import duties on automobiles and dairy products, while seeking stricter climate and labor rules for Indian goods.
India wants to protect local farmers, avoid strict green rules and maintain control over legal disputes. The country’s agricultural protection is also a factor in delaying the U.S. trade deal.
India also strongly criticized the United States and the European Union and said that despite their war in Ukraine, they both had extensive deals with Moscow, so they were unfairly picked out when buying Russian oil.
Jaishankar told reporters after Wednesday’s meeting that India hopes to reach a “decisive conclusion” of the European Free Trade Agreement in the coming days. Meanwhile, the German minister said the deal could be reached in the next few months.
“If others constitute trade barriers, then we should respond by lowering trade barriers,” Vodavre said.
- Reuters, and other editors and inputs from Vishakha Saxena
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