Union Minister Piyush Goyal expressed optimism regarding the potential conclusion of a Bilateral Trade Agreement (BTA) between India and the United States by this fall.
Union Commerce and Industry Minister Piyush Goyal gave signal of hope over negotiations between India and United States saying that a Bilateral Trade Deal (BTA) may be concluded by November or end by this fall. This comes as Donald Trump imposed 50 per cent tariffs on India including 25 per cent reciprocal and 25 per cent as penalty for purchasing Russian oil and defence equipment.
Mentioning that some geopolitical issues encircled the trade matters, he hope that things between India and US will get back on track and a trade deal will be sealed by this fall.
Making remarks during his address at the Annual Global Investor Conference 2025 in Mumbai, Piyush Goyal said the world is excited to do business and trade with India adding, “We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America.”
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India has already inked free trade agreements with Australia, the UAE, Mauritius, the UK and the four European nations bloc EFTA, he said.
“Lots happen, lots more to go… With the US, we are in dialogue with them on a BTA,” the minister said earlier in the day at an industry chamber event on sustainability.
India and the US have been negotiating the pact since March. So far, five rounds of talks have been completed.
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So far, no new dates have been finalised for the sixth round of negotiations.
India and the US have planned to conclude the first phase of BTA by the fall this year with an aim to more than double bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 billion.
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Bessent, in an interview with Fox News, also termed the Shanghai Cooperation Organisation (SCO) as being largely performative.
His remarks came after the annual summit of the SCO took place in the Chinese port city of Tianjin on Sunday and Monday.
“I think at the end of the day, two great countries (India and the US) will get this solved. But the Indians have not been great actors in terms of buying Russian oil and then reselling it, financing the Russian war effort in Ukraine,” he claimed.
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“We are making very active and significant progress,” he said, adding that Commerce Secretary Sunil Barthwal is in Brussels for talks with EU officials on the pact.