'Trade deals are about trust, not short-term gains,' says Piyush Goyal on trade talks with US

Union Minister for Commerce and Industry, Piyush Goyal, emphasised that India will not rush into signing trade agreements, stressing that the country’s economic interests are centered on long-term benefits, not short-term objectives. Speaking at an event in Berlin, Goyal pointed out that trade negotiations are not just about issues like tariffs or access to markets but also about fostering trust and creating lasting relationships for global business collaboration.

He remarked that India’s trade deals are meant to be built on a long-term perspective, emphasising that it's not just about immediate sales or market access, like selling steel to the US in the short term. Goyal reiterated that India's trade strategy prioritises building sustainable frameworks over rushing to meet immediate targets. “In a very short-term context, it's not about what is going to happen in the next six months. It's not just about being able to sell steel to America," Goyal said.

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Goyal’s comments come amidst ongoing trade discussions with key partners like the United States. He noted that India and the US are actively working towards a fair and balanced trade agreement, with the Indian Commerce Secretary recently visiting the US to further progress in negotiations. The two countries aim to boost bilateral trade to $500 billion by 2030, focusing on reducing US tariffs on Indian imports, which currently stand at 50 per cent.

During his visit to Germany, Goyal also highlighted ongoing talks related to the India-EU Free Trade Agreement (FTA), noting positive discussions about strengthening Indo-German relations and enhancing cooperation in several sectors.

In a separate meeting, US Ambassador-designate Sergio Gor met with India's Commerce Secretary Rajesh Agarwal on October 13 to discuss expanding economic ties, including increased investments in the US. Gor also held discussions with Prime Minister Narendra Modi, reaffirming the strengthening of Indo-US relations.