India is ready to make trade deals in the national interest, but not just to meet deadlines, Piyush Goyal, minister of trade and industry, has said.
When asked if a deal could be reached by the July 9 deadline set by United States President Donald Trump for all countries to negotiate trade agreements, Goyal said on Friday that “National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries.”
“India never does any trade deal on the basis of deadline or timeframe … we will accept it only when it is completely finalised and in the national interest,” Goyal told reporters.
On April 2, Trump threatened a range of tariffs for all US imports. For India, that was set at 26 percent. On April 9, he paused those tariffs for 90 days and set in place a rate of 10 percent in the interim while countries worked out their respective trade deals with Washington, DC. That deadline is set to expire July 9.
“Free trade agreements are possible only when there is two-way benefit; it should be a win-win agreement,” Goyal said.
Indian officials returned from Washington this week after an extended visit to iron out lingering concerns on both sides. Trade talks between India and the US have hit roadblocks over disagreements on import duties for car components, steel, and farm goods.
India is resisting opening up its agriculture and dairy sectors while asking for a favourable tariff for its goods entering the US compared with the ones available for countries like Vietnam and China.
Separately, India has proposed retaliatory duties against the US at the World Trade Organization, saying Washington’s 25 percent tariff on automobiles and some car parts would affect $2.89bn of India’s exports, according to an official notification.
