India-US Trade Talks “Progressing Well,” Says Commerce Minister Piyush Goyal

Union Commerce Minister Piyush Goyal on Saturday (18 October) said that India-US trade talks are progressing in a very cordial atmosphere, but he did not set a timeline for a potential agreement, reported Hindustan Times.

Speaking at a press conference in New Delhi, Goyal responded to questions on when India could expect “good news” regarding US tariffs.

"I believe the talks are progressing in a very cordial atmosphere, and I have said many times that free trade agreements or trade talks are never based on deadlines. There is no agreement unless we fully address the interests of the nation - India's farmers, India's fishermen, India's MSME sector. The talks are progressing very well. The talks are ongoing and we will definitely inform you when we reach a decision," he was quoted as saying by news agency ANI.

The United States currently imposes a 50 per cent tariff on imports from India, including a 25 per cent base levy over the “trade imbalance” and an additional 25 per cent linked to New Delhi’s Russian oil purchases amid Moscow’s war in Ukraine.

A Global Trade Research Initiative (GTRI) assessment noted that a recent US geopolitical shift after China put more export controls could accelerate a deal with India, possibly granting 16–18 per cent tariff access, above the 15 per cent offered to the EU and Japan but below Vietnam’s 20 per cent.

An Indian team is in the US this week for the sixth round of talks that began in April but paused in August. Washington aims to secure supply chains for manufacturing, and a pact with India could reduce dependence on China-linked networks.

Ambassador-designate Sergio Gor recently met Indian officials, including PM Modi, and handed over a photo signed by Trump with a message: “Mr Prime Minister, you are great.”

Government sources confirmed that India is pursuing a win-win solution, noting that roughly 45 per cent of exports to the US remain tariff-free.

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