Union Commerce Minister Piyush Goyal said on Friday that India is in no hurry to finalise any major trade deal on the basis of any deadline but will agree on a decision if it is a win-win for both parties. Goyal’s comments hold significance as India and the US are reportedly in the final stages of striking an interim trade deal. The talks are important, as the suspension of US reciprocal tariffs is ending on July 9, and hence both sides are looking at finalising the deal before that. Goyal stressed that India’s approach to international trade negotiations remains firm and ‘principled’.India seeks greater market access for its labour-intensive goods, while the US wants duty concessions for its agricultural products.&nbsp;<h2>‘National interest will always be supreme’</h2>&nbsp;“It should be a win-win agreement, and only when India’s interests are safeguarded—national interest will always be supreme—and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” Goyal said on the sidelines of the 16th Toy Biz B2B expo in Delhi.“Discussions are ongoing with various countries, be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,” he said.&nbsp;“A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” the commerce minister added.&nbsp;<h2>India proposes retaliatory duties against US over auto tariffs</h2>&nbsp;India on Friday proposed imposing retaliatory duties under the World Trade Organisation (WTO) norms against the US over American tariffs on imports of auto parts from the country in the name of safeguard measures.“The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States,” according to a notification of the WTO being circulated at India’s request.India has notified the WTO’s Council for Trade in Goods of its proposed suspension of concessions and other obligations under certain WTO provisions.&nbsp;“This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India,” it said.&nbsp;On March 26, the US adopted a safeguard measure in the form of a tariff increase of 25 per cent ad valorem on imports of passenger vehicles and light trucks, and on certain automobile parts from India.&nbsp;India has maintained that the measures taken by the United States are not consistent with the GATT (General Agreement on Trade and Tariff) 1994 and the agreement on Safeguards.As consultations sought by India on these tariffs have not taken place, "India reserves the right to suspend concessions or other obligations", the WTO notification added.The development is important, as India and the US are actively negotiating an interim trade agreement to boost trade ties.

A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest, the commerce minister said.

Union Commerce Minister Piyush Goyal said on Friday that India is in no hurry to finalise any major trade deal on the basis of any deadline but will agree on a decision if it is a win-win for both parties. Goyal’s comments hold significance as India and the US are reportedly in the final stages of striking an interim trade deal. The talks are important, as the suspension of US reciprocal tariffs is ending on July 9, and hence both sides are looking at finalising the deal before that. Goyal stressed that India’s approach to international trade negotiations remains firm and ‘principled’. India seeks greater market access for its labour-intensive goods, while the US wants duty concessions for its agricultural products. ‘National interest will always be supreme’ “It should be a win-win agreement, and only when India’s interests are safeguarded—national interest will always be supreme—and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” Goyal said on the sidelines of the 16th Toy Biz B2B expo in Delhi. “Discussions are ongoing with various countries, be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,” he said. “A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” the commerce minister added. India proposes retaliatory duties against US over auto tariffs India on Friday proposed imposing retaliatory duties under the World Trade Organisation (WTO) norms against the US over American tariffs on imports of auto parts from the country in the name of safeguard measures. “The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States,” according to a notification of the WTO being circulated at India’s request. India has notified the WTO’s Council for Trade in Goods of its proposed suspension of concessions and other obligations under certain WTO provisions. “This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India,” it said. On March 26, the US adopted a safeguard measure in the form of a tariff increase of 25 per cent ad valorem on imports of passenger vehicles and light trucks, and on certain automobile parts from India. India has maintained that the measures taken by the United States are not consistent with the GATT (General Agreement on Trade and Tariff) 1994 and the agreement on Safeguards. As consultations sought by India on these tariffs have not taken place, "India reserves the right to suspend concessions or other obligations", the WTO notification added. The development is important, as India and the US are actively negotiating an interim trade agreement to boost trade ties.

A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest, the commerce minister said.

‘India’s interest more important, not deadline’: Commerce Minister Piyush Goyal on US trade talks

US President Donald Trump on Friday (June 27) said that the US will reach a deal with India, adding that his administration will be sending letters very quickly to most countries for the deal. Trump was speaking at the media briefing at the White House, discussing several pressing issues.The US president said that a "full trade barrier dropping", while talking about the India-US trade deal."India...we will reach a deal. We will be going to have a &nbsp;full trade barrier dropping," he said, adding, "I am not sure this will be all happening ...but we are going to wait for it."While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."Earlier on Thursday, Trump said a "very big" trade deal with India could be on the cards. This comes days after Trump signed a new agreement with China.Speaking at the “Big Beautiful Bill” event at the White House, Trump said the US was “going to open up India,” further hinting at significant progress in a trade agreement."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. Where we're going to open up India, in the China deal, we are starting to open up China," he said.This comes as a senior-level Indian delegation, led by Chief negotiator Rajesh Agarwal, reached Washington to hold discussions on the possible trade deal.The US has been raising concerns over high tariffs by India on automobiles and agriculture products apart from other barriers to trade. Moreover, the discussions are also focused on reducing sector specific tariffs on steel, aluminium and auto parts.&nbsp;

While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."

US President Donald Trump on Friday (June 27) said that the US will reach a deal with India, adding that his administration will be sending letters very quickly to most countries for the deal. Trump was speaking at the media briefing at the White House, discussing several pressing issues. The US president said that a "full trade barrier dropping", while talking about the India-US trade deal. "India...we will reach a deal. We will be going to have a full trade barrier dropping," he said, adding, "I am not sure this will be all happening ...but we are going to wait for it." While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal." Earlier on Thursday, Trump said a "very big" trade deal with India could be on the cards. This comes days after Trump signed a new agreement with China. Speaking at the “Big Beautiful Bill” event at the White House, Trump said the US was “going to open up India,” further hinting at significant progress in a trade agreement. "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. Where we're going to open up India, in the China deal, we are starting to open up China," he said. This comes as a senior-level Indian delegation, led by Chief negotiator Rajesh Agarwal, reached Washington to hold discussions on the possible trade deal. The US has been raising concerns over high tariffs by India on automobiles and agriculture products apart from other barriers to trade. Moreover, the discussions are also focused on reducing sector specific tariffs on steel, aluminium and auto parts.

While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."

'Full trade barrier dropping': Trump says will reach a trade deal with India as Indian delegation reaches Washington

US President Donald Trump has fuelled fresh speculation about an imminent “very big” trade deal with India, weeks after top negotiators from both countries wrapped up closed-door talks aimed at slashing tariffs and expanding market access.&nbsp;Speaking at the ‘Big Beautiful Event’ at the White House on Thursday, Trump told supporters: “We just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one,” as quoted by Reuters. Trump said the United States would not sign trade deals with every nation indiscriminately. “We’re not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That’s the easy way to do it,” he said, emphasising that his team preferred forging substantial bilateral pacts over blanket tariff threats, as reported by Reuters.&nbsp;<h2>High-stakes negotiations target $500 billion trade milestone</h2>The comments follow intensive four-day negotiations held earlier this month between US and Indian trade teams in New Delhi. Talks focused on expanding market access for industrial and agricultural products, tariff reductions, and tackling non-tariff barriers.According to people familiar with the negotiations, the goal is to transform annual bilateral trade from its current level of around $190 billion to $500 billion by 2030, a figure Indian and US officials have cited repeatedly as a shared ambition.&nbsp;Union Commerce and Industry Minister Piyush Goyal said after the latest round of talks: “PM Modi and US President Trump met in February 2025… Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable, and balanced agreement to promote business,” as quoted by Reuters.Earlier this month, US Commerce Secretary Howard Lutnick also signalled optimism that a deal could soon be finalised, saying both sides had found “common ground” to meet their strategic and economic interests, as per Reuters.&nbsp;<h2>India–US trade: A crucial and growing partnership</h2>The United States is India’s single largest trading partner. According to India’s Ministry of Commerce and Industry, bilateral goods and services trade between the two countries reached $191 billion in 2023–24, with Indian exports to the US valued at over $118 billion and imports from the US at around $73 billion.The US accounted for roughly 18 per cent of India’s total exports in 2023–24, making it India’s top export destination. Key Indian exports include pharmaceuticals, textiles, engineering goods, gems and jewellery, and software services.&nbsp;Conversely, the US is a major supplier of crude oil, LNG, advanced machinery, aircraft, defence equipment and agricultural products to India. US energy exports to India alone exceeded $10 billion in 2023, as per the US Energy Information Administration.Trade in services also forms a vital component of the economic relationship, with India’s IT sector providing services worth over $40 billion annually to US clients, according to Nasscom data.&nbsp;Investment ties are similarly robust. US foreign direct investment in India stood at $67 billion as of end-2023, while Indian companies have invested over $40 billion in the US, generating thousands of American jobs.<h2>Talks come amid tariff threats</h2>Trump’s comments also underline the high-stakes backdrop for the negotiations. The US President has threatened to impose tariffs of up to 45 per cent on countries unwilling to strike new trade deals with Washington.&nbsp;While the Biden-era Phase One agreement with India had kept tariff escalation largely at bay, Trump’s second-term approach has seen renewed threats of sweeping duties unless partners sign what he calls “fair and reciprocal” deals.Indian officials see a deal with the US as critical to securing market stability and boosting exports amid a challenging global environment marked by trade fragmentation and geopolitical tensions.&nbsp;For the United States, expanding trade ties with India is seen as a key element of its Indo-Pacific strategy, offering a counterweight to China’s economic influence in the region.<h2>A path forward?</h2>Negotiators from both sides remain tight-lipped about precise timelines or the final shape of any agreement. But Trump’s remarks suggest both governments want to signal progress ahead of their next planned high-level meeting.&nbsp;With India–US trade already on a record-setting trajectory, any new pact will have to address thorny issues ranging from tariff harmonisation to digital trade rules and standards. But if achieved, officials on both sides believe it could cement one of the 21st century’s most consequential economic partnerships.&nbsp;(With inputs from the agencies)&nbsp;

At a White House event, he hinted at a very big agreement on the horizon while emphasizing selective trade partnerships.

US President Donald Trump has fuelled fresh speculation about an imminent “very big” trade deal with India, weeks after top negotiators from both countries wrapped up closed-door talks aimed at slashing tariffs and expanding market access. Speaking at the ‘Big Beautiful Event’ at the White House on Thursday, Trump told supporters: “We just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one,” as quoted by Reuters. Trump said the United States would not sign trade deals with every nation indiscriminately. “We’re not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That’s the easy way to do it,” he said, emphasising that his team preferred forging substantial bilateral pacts over blanket tariff threats, as reported by Reuters. High-stakes negotiations target $500 billion trade milestone The comments follow intensive four-day negotiations held earlier this month between US and Indian trade teams in New Delhi. Talks focused on expanding market access for industrial and agricultural products, tariff reductions, and tackling non-tariff barriers. According to people familiar with the negotiations, the goal is to transform annual bilateral trade from its current level of around $190 billion to $500 billion by 2030, a figure Indian and US officials have cited repeatedly as a shared ambition. Union Commerce and Industry Minister Piyush Goyal said after the latest round of talks: “PM Modi and US President Trump met in February 2025… Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable, and balanced agreement to promote business,” as quoted by Reuters. Earlier this month, US Commerce Secretary Howard Lutnick also signalled optimism that a deal could soon be finalised, saying both sides had found “common ground” to meet their strategic and economic interests, as per Reuters. India–US trade: A crucial and growing partnership The United States is India’s single largest trading partner. According to India’s Ministry of Commerce and Industry, bilateral goods and services trade between the two countries reached $191 billion in 2023–24, with Indian exports to the US valued at over $118 billion and imports from the US at around $73 billion. The US accounted for roughly 18 per cent of India’s total exports in 2023–24, making it India’s top export destination. Key Indian exports include pharmaceuticals, textiles, engineering goods, gems and jewellery, and software services. Conversely, the US is a major supplier of crude oil, LNG, advanced machinery, aircraft, defence equipment and agricultural products to India. US energy exports to India alone exceeded $10 billion in 2023, as per the US Energy Information Administration. Trade in services also forms a vital component of the economic relationship, with India’s IT sector providing services worth over $40 billion annually to US clients, according to Nasscom data. Investment ties are similarly robust. US foreign direct investment in India stood at $67 billion as of end-2023, while Indian companies have invested over $40 billion in the US, generating thousands of American jobs. Talks come amid tariff threats Trump’s comments also underline the high-stakes backdrop for the negotiations. The US President has threatened to impose tariffs of up to 45 per cent on countries unwilling to strike new trade deals with Washington. While the Biden-era Phase One agreement with India had kept tariff escalation largely at bay, Trump’s second-term approach has seen renewed threats of sweeping duties unless partners sign what he calls “fair and reciprocal” deals. Indian officials see a deal with the US as critical to securing market stability and boosting exports amid a challenging global environment marked by trade fragmentation and geopolitical tensions. For the United States, expanding trade ties with India is seen as a key element of its Indo-Pacific strategy, offering a counterweight to China’s economic influence in the region. A path forward? Negotiators from both sides remain tight-lipped about precise timelines or the final shape of any agreement. But Trump’s remarks suggest both governments want to signal progress ahead of their next planned high-level meeting. With India–US trade already on a record-setting trajectory, any new pact will have to address thorny issues ranging from tariff harmonisation to digital trade rules and standards. But if achieved, officials on both sides believe it could cement one of the 21st century’s most consequential economic partnerships. (With inputs from the agencies)

US President Donald Trump has raised expectations for a significant trade deal with India following recent negotiations aimed at reducing tariffs and improving market access.

US–India trade deal: What’s inside Trump’s “very big” hint?

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month.&nbsp;&nbsp;With pressure mounting, both sides say they’ve made headway, but the clock is ticking.<h2>India and US intensify push for trade pact ahead of tariff deadline</h2>After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers.&nbsp;The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry.&nbsp;&nbsp;According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package.<h2>Interim deal may precede larger agreement</h2>According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers.&nbsp;&nbsp;Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet.&nbsp;As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June.&nbsp;&nbsp;This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9.<h2>Tariffs, digital trade and agriculture in focus</h2>The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term.&nbsp;&nbsp;While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg.&nbsp;India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce.<h2>Deal likely ahead of Trump-Modi meet</h2>With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June.&nbsp;&nbsp;External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9.&nbsp;Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada.&nbsp;As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher.<h2>New Delhi negotiates on multiple fronts</h2>Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner.&nbsp;This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners.&nbsp;&nbsp;But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. &nbsp;(With inputs from the agencies)

With US tariffs on Indian exports set to resume next month, both countries accelerate efforts to finalise a limited trade pact by late June.

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month. With pressure mounting, both sides say they’ve made headway, but the clock is ticking. India and US intensify push for trade pact ahead of tariff deadline After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers. The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry. According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package. Interim deal may precede larger agreement According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers. Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet. As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June. This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9. Tariffs, digital trade and agriculture in focus The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term. While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg. India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce. Deal likely ahead of Trump-Modi meet With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June. External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9. Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada. As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher. New Delhi negotiates on multiple fronts Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner. This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners. But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. (With inputs from the agencies)

India and the US are close to clinching an interim trade deal ahead of a looming tariff deadline, after a week of intensive negotiations in New Delhi.

India and US edge closer to trade deal as deadline for tariff pause nears

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US.

"I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out.

"Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council.

Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services.

While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products.

"We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added.

India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products.

The US has also raised concerns over trade deficit with India.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said. For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US. "I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out. "Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council. Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services. While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products. "We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added. India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties. India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over trade deficit with India.

India, US need to sit down on negotiating table for FTA: Goyal

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity.

They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India.

During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said.

The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin.

"Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added.

Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.&nbsp;

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors. Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India. During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said. The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin. "Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added. Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.

India, US CEOs suggest reforms to further boost bilateral investment opportunities

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a <a href="https://www.wionews.com/opinions-blogs/heres-why-no-trade-deal-should-be-expected-during-donald-trumps-india-visit-281652">deal </a>to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US.&nbsp;

<a href="https://www.wionews.com/india-news/not-in-a-hurry-for-a-trade-deal-says-india-ahead-of-trumps-visit-281638">Also Read:&nbsp;'Not in a hurry for a trade deal,' says India ahead of Trump's visit</a>

The deal is likely to be signed during Trump's two-day visit to India next week. The choppers equipped with hellfire air-to-surface missiles is expected to boost India's naval attack capability.

The helicopter for the Indian Navy is likely to be around $2.4 billion. Ahead of President Trump's visit, India said that both sides don't want to rush into a trade deal even as the US president said he was "saving the big deal for later on".

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/trump-india-visit-trump-focussed-more-on-road-show-than-trade-281543/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India," Trump told reporters in Washington.

<a href="https://www.wionews.com/india-news/preparations-in-full-swing-ahead-of-us-president-donald-trumps-india-visit-281468">Also Read: India to spend Rs 1.5 crore a minute during Trump's Ahmedabad visit</a>

India-US trade has been growing more than ten per cent per annum over the past two years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes.&nbsp;

The US is India's sixth-largest importer of crude oil and India is now its fourth-largest customer.

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a deal to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US.

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a deal to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US. Also Read: 'Not in a hurry for a trade deal,' says India ahead of Trump's visit The deal is likely to be signed during Trump's two-day visit to India next week. The choppers equipped with hellfire air-to-surface missiles is expected to boost India's naval attack capability. The helicopter for the Indian Navy is likely to be around $2.4 billion. Ahead of President Trump's visit, India said that both sides don't want to rush into a trade deal even as the US president said he was "saving the big deal for later on". Watch Video: We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India," Trump told reporters in Washington. Also Read: India to spend Rs 1.5 crore a minute during Trump's Ahmedabad visit India-US trade has been growing more than ten per cent per annum over the past two years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes. The US is India's sixth-largest importer of crude oil and India is now its fourth-largest customer.

Ahead of Trump's visit, cabinet committee on security approves US helicopter deal

Ahead of US President Donald Trump's visit, India has said that both sides don't want to rush into a trade deal and the deal is not stuck.&nbsp;

A government source told WION that "both sides want to reach an understanding with outcomes that balance both sides" and US and India "don't want to rush into the deal as the issues are complicated with many decisions having an impact on people's lives and long term economic consequences".

The source added, "we look to the future and seek to achieve a win-win solution for both side" and as we do that, we don't want comprises and are "not in a hurry to rush into a trade deal on the eve of the visit".

Also read: <a href="https://www.wionews.com/india-news/ahead-of-trumps-agra-visit-500-cusecs-of-water-released-into-yamuna-to-tackle-foul-smell-281629">Ahead of Trump's Agra visit, 500 cusecs of water released into Yamuna to tackle 'foul smell'</a>

Asked, if the deal is stuck, the source said, "not correct to say India-US trade deal is stuck. It is an ongoing process. Both ministers have agreed to talk and look at a larger Free trade agreement".

Earlier today, US President Trump said, he looks forward to a major trade deal later.&nbsp;

Also read: <a href="https://www.wionews.com/india-news/trump-signals-very-big-trade-deal-with-india-before-us-presidential-elections-281582">Trump signals 'very big' trade deal with India before US presidential elections</a>

Trump said, "Well, we can have a trade deal with India, but I’m really saving the big deal for later on. We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India."

Also read: <a href="https://www.wionews.com/india-news/preparations-in-full-swing-ahead-of-us-president-donald-trumps-india-visit-281468">India to spend Rs 1.5 crore a minute during US president's Ahmedabad visit</a>

India-US trade has been growing more than 10 per cent per annum over the past 2 years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes. The US is India's 6th largest importer of crude oil and India is now its 4th largest customer.

India is also keen that US restores Generalized System of Preferences (GSP), which is Washington's largest and oldest US trade preference program which was withdrawn last year for India.

Ahead of US President Donald Trump's visit, India has said that both sides don't want to rush into a trade deal and the deal is not stuck. A government source told WION that "both sides want to reach an understanding with outcomes that balance both sides" and US and India "don't want to rush into the deal as the issues are complicated with many decisions having an impact on people's lives and long term economic consequences".

Ahead of US President Donald Trump's visit, India has said that both sides don't want to rush into a trade deal and the deal is not stuck. A government source told WION that "both sides want to reach an understanding with outcomes that balance both sides" and US and India "don't want to rush into the deal as the issues are complicated with many decisions having an impact on people's lives and long term economic consequences". The source added, "we look to the future and seek to achieve a win-win solution for both side" and as we do that, we don't want comprises and are "not in a hurry to rush into a trade deal on the eve of the visit". Also read: Ahead of Trump's Agra visit, 500 cusecs of water released into Yamuna to tackle 'foul smell' Asked, if the deal is stuck, the source said, "not correct to say India-US trade deal is stuck. It is an ongoing process. Both ministers have agreed to talk and look at a larger Free trade agreement". Earlier today, US President Trump said, he looks forward to a major trade deal later. Also read: Trump signals 'very big' trade deal with India before US presidential elections Trump said, "Well, we can have a trade deal with India, but I’m really saving the big deal for later on. We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India." Also read: India to spend Rs 1.5 crore a minute during US president's Ahmedabad visit India-US trade has been growing more than 10 per cent per annum over the past 2 years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes. The US is India's 6th largest importer of crude oil and India is now its 4th largest customer. India is also keen that US restores Generalized System of Preferences (GSP), which is Washington's largest and oldest US trade preference program which was withdrawn last year for India.

'Not in a hurry for a trade deal,' says India ahead of Trump's visit

As Donald <a href="https://www.wionews.com/india-news/us-president-donald-trump-retweets-wions-coverage-of-his-upcoming-trip-to-india-281666">Trump</a> heads to India for his first presidential visit, the government described his upcoming visit as "brief but intense", promising to make the "Namaste Trump" event grander than the "Howdy Modi" event in Houston last year. This, notwithstanding the fact that the much-hyped initial trade deal poised to be signed during this visit has now become a non-starter.

Sources say both sides have dug their heels on a possible trade pact after the US wanted more concessions from India than promised earlier.

Adding to the scepticism around the deal, the US trade representative Robert Lighthizer skipped his visit to India last week to meet the commerce minister Piyush Goel.

Brushing aside questions on why the two sides won't be able to sign a trade pact during the visit, the MEA spokesperson Raveesh Kumar today said, "We have been engaging with the United States on trade talks for some time. We hope to reach an understanding with an outcome that strikes the right balance for both sides. We do not want to rush into a deal as the issues involved are complicated with many decisions potentially having a real impact on people’s lives and long-term economic consequences. We do not want to create artificial deadlines."

On possible deliverables, the MEA added, "the visit has to be seen in the context of reaching a certain stage of maturity in the relationship, regular meetings between the leaders of two democracies and the growing comfort level between our two countries. Both leaders have personally invested in this relationship."

India says it's ready to open up its dairy and farm industry to the US (despite domestic opposition) and give further import duty concessions on Harley Davidson motorcycles in return for the reinstatement of Generalised System of Preferences(GSP) for India, easing of visa rules, exemption from high duties imposed by the US on certain steel and aluminium products, and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

However, it looks like India will have to wait longer for anything to materialise, as <a href="https://www.wionews.com/india-news/not-in-a-hurry-for-a-trade-deal-says-india-ahead-of-trumps-visit-281638">Trump</a> announced this week that even though he "liked Prime Minister Modi," &nbsp;India had treated the US "unfairly" while announcing that the trade deal will have to wait until his November re-election.

But, both sides are looking to leverage the meet despite the trade issues.

India is planning to roll out the red carpet for the Trumps giving Agra a makeover with fresh paint and releasing fresh water into the Yamuna and promising lakhs of people in attendance of the President and the first lady.

In a statement, foreign secretary Harsh Vardhan Shringla said US President Donald Trump's visit would be "brief but intense with all the essential elements of a state visit with two additional legs of Ahmedabad and Agra all squeezed into 36 hours."

The President will first head to Ahmedabad, the prime minister's home constituency to jointly inaugurate the world's largest cricket stadium, the newly built Motera Cricket Stadium with a capacity of 1,10,000 visitors.

Sources say the route from the airport to the stadium will be flanked by 28 stages representing various parts of the country and its rich diversity, not to forget the Indian government has promised an audience of hundreds of thousands of cheering Indians on the way to the stadium and over a lakh inside the arena.

Inside the new stadium, President Trump and Prime Minister Modi will address a full-capacity audience, much like the "Howdy Modi" event. The route will also feature decorations depicting different events in the life of Mahatma Gandhi.

Next, President Trump and First Lady Melania will head to Agra, where the two will spend about an hour at the Taj Mahal until sunset before they depart for Delhi.

On Tuesday, the US president has all his official engagements. In the morning, President Trump and the First Lady will be accorded a ceremonial welcome at the Rashtrapati Bhawan. He will then pay his tributes at Rajghat at the samadhi of Mahatma Gandhi. It would be followed by restricted and delegation-level talks between President Trump and Prime Minister Modi at Hyderabad House.&nbsp;

India says the talks will be comprehensive and cover defence, security, counter-terrorism, as well as trade, energy, people-to-people exchanges and other bilateral matters. Prime Minister Modi would host a lunch for President Trump following the talks. The two leaders would also address the media. &nbsp; 
&nbsp; 
In the afternoon, President Trump is expected to attend private events at the US embassy, including a private roundtable with industry representatives.

And finally, he will be hosted by the President Ram Nath Kovind for dinner on the evening of February 25.

It will be the eighth meeting between the two leaders in eight months. The US is India's largest trading partner in goods and services. The overall bilateral trade between the two sides has increased by over 10 per cent per annum over the past two years to reach $142 billion in 2018 and it is expected to cross $150 billion for the first time this year.&nbsp;

Also, in the last two years, the US has become India's sixth-largest source of crude oil imports, with hydrocarbon imports rising to $7 billion in the last two years. Not to forget, the 4 million-strong Indian diaspora that is important to any US president in an election year, the richest among them being the Gujarati diaspora.

Reports say, ahead of the visit, the cabinet committee on security(CCS) has approved a deal to procure a batch of 24 Lockheed Martin MH60 <a href="https://www.wionews.com/india-news/ahead-of-trumps-visit-cabinet-committee-on-security-approves-us-helicopter-deal-281706">Romeo helicopters</a> - this will boost India's naval capacity. India's defence procurement from the US stands at $18 billion.

So even though we won't see a full-fledged trade deal taking shape, as India's foreign secretary Harsh Shringla said this week, the visit will showcase the "consequential relationship" between India and the US.

As Donald Trump heads to India for his first presidential visit, the government described his upcoming visit as "brief but intense", promising to make the "Namaste Trump" event grander than the "Howdy Modi" event in Houston last year.

As Donald Trump heads to India for his first presidential visit, the government described his upcoming visit as "brief but intense", promising to make the "Namaste Trump" event grander than the "Howdy Modi" event in Houston last year. This, notwithstanding the fact that the much-hyped initial trade deal poised to be signed during this visit has now become a non-starter. Sources say both sides have dug their heels on a possible trade pact after the US wanted more concessions from India than promised earlier. Adding to the scepticism around the deal, the US trade representative Robert Lighthizer skipped his visit to India last week to meet the commerce minister Piyush Goel. Brushing aside questions on why the two sides won't be able to sign a trade pact during the visit, the MEA spokesperson Raveesh Kumar today said, "We have been engaging with the United States on trade talks for some time. We hope to reach an understanding with an outcome that strikes the right balance for both sides. We do not want to rush into a deal as the issues involved are complicated with many decisions potentially having a real impact on people’s lives and long-term economic consequences. We do not want to create artificial deadlines." On possible deliverables, the MEA added, "the visit has to be seen in the context of reaching a certain stage of maturity in the relationship, regular meetings between the leaders of two democracies and the growing comfort level between our two countries. Both leaders have personally invested in this relationship." India says it's ready to open up its dairy and farm industry to the US (despite domestic opposition) and give further import duty concessions on Harley Davidson motorcycles in return for the reinstatement of Generalised System of Preferences(GSP) for India, easing of visa rules, exemption from high duties imposed by the US on certain steel and aluminium products, and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. However, it looks like India will have to wait longer for anything to materialise, as Trump announced this week that even though he "liked Prime Minister Modi," India had treated the US "unfairly" while announcing that the trade deal will have to wait until his November re-election. But, both sides are looking to leverage the meet despite the trade issues. India is planning to roll out the red carpet for the Trumps giving Agra a makeover with fresh paint and releasing fresh water into the Yamuna and promising lakhs of people in attendance of the President and the first lady. In a statement, foreign secretary Harsh Vardhan Shringla said US President Donald Trump's visit would be "brief but intense with all the essential elements of a state visit with two additional legs of Ahmedabad and Agra all squeezed into 36 hours." The President will first head to Ahmedabad, the prime minister's home constituency to jointly inaugurate the world's largest cricket stadium, the newly built Motera Cricket Stadium with a capacity of 1,10,000 visitors. Sources say the route from the airport to the stadium will be flanked by 28 stages representing various parts of the country and its rich diversity, not to forget the Indian government has promised an audience of hundreds of thousands of cheering Indians on the way to the stadium and over a lakh inside the arena. Inside the new stadium, President Trump and Prime Minister Modi will address a full-capacity audience, much like the "Howdy Modi" event. The route will also feature decorations depicting different events in the life of Mahatma Gandhi. Next, President Trump and First Lady Melania will head to Agra, where the two will spend about an hour at the Taj Mahal until sunset before they depart for Delhi. On Tuesday, the US president has all his official engagements. In the morning, President Trump and the First Lady will be accorded a ceremonial welcome at the Rashtrapati Bhawan. He will then pay his tributes at Rajghat at the samadhi of Mahatma Gandhi. It would be followed by restricted and delegation-level talks between President Trump and Prime Minister Modi at Hyderabad House. India says the talks will be comprehensive and cover defence, security, counter-terrorism, as well as trade, energy, people-to-people exchanges and other bilateral matters. Prime Minister Modi would host a lunch for President Trump following the talks. The two leaders would also address the media. In the afternoon, President Trump is expected to attend private events at the US embassy, including a private roundtable with industry representatives. And finally, he will be hosted by the President Ram Nath Kovind for dinner on the evening of February 25. It will be the eighth meeting between the two leaders in eight months. The US is India's largest trading partner in goods and services. The overall bilateral trade between the two sides has increased by over 10 per cent per annum over the past two years to reach $142 billion in 2018 and it is expected to cross $150 billion for the first time this year. Also, in the last two years, the US has become India's sixth-largest source of crude oil imports, with hydrocarbon imports rising to $7 billion in the last two years. Not to forget, the 4 million-strong Indian diaspora that is important to any US president in an election year, the richest among them being the Gujarati diaspora. Reports say, ahead of the visit, the cabinet committee on security(CCS) has approved a deal to procure a batch of 24 Lockheed Martin MH60 Romeo helicopters - this will boost India's naval capacity. India's defence procurement from the US stands at $18 billion. So even though we won't see a full-fledged trade deal taking shape, as India's foreign secretary Harsh Shringla said this week, the visit will showcase the "consequential relationship" between India and the US.

On trade deal with US, India says 'don't want to set artificial deadlines'

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table.

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table. It's learnt that the list of important items that have been on the table have been resolved and a package is being worked upon, ANI has learnt. Commerce and Industry minister Piyush Goel was in Washington on a three-day trip from November 12 to hold talks with his American counterpart Robert Lighthizer and seek a breakthrough on some key knotty trade issues. On November 14, Goyal held a high-level industry interaction with business and industry representatives in New York. From D.C., the minister went to New York. The minister and his US counterpart Ambassador Robert Lighthizer also had a telephonic conversation as a follow up of the meeting. Goyal's visit helped develop a good rapport between the minister and his counterpart resulting in mutual understanding on equitable access for both sides, sources added. Tensions on trade front emerged between the two countries in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India was the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. On its part, India had also imposed retaliatory tariffs on 25 American goods, after the Donald Trump administration rescinded GSP. (With inputs from ANI)

US officials to visit India next week to give final touches to trade deal

India and the US will have a "trade deal very soon", said US President Donald Trump in New York on Tuesday after a meeting with Prime Minister Narendra Modi.