India and the United States are currently negotiating a trade deal, according to Piyush Goyal, India’s Commerce and Industry Minister. The deal is expected to be finalized by November this year.
Goyal Hopes For US Trade Pact Resolution By November
Goyal, speaking at the Annual Global Investor Conference on Tuesday, acknowledged, “We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America.”
However, he expressed hope that these issues will soon be resolved, allowing for the conclusion of a bilateral trade agreement by November, reported The Times of India.
“Lots happen, lots more to go…With the US, we are in dialogue with them,” he stated during an industry chamber session on sustainability.
India has set “red lines” in the negotiations, refusing to open its agriculture and dairy sectors, and asserting “strategic autonomy” in its trade relations with Russia.
Trump Calls India Ties A ‘One-Sided Disaster
The trade negotiations between India and the U.S. have been ongoing for some time. In August, the two countries resumed discussions on trade and defense, as the 50% tariffs imposed by the Trump administration took effect, potentially impacting billions in India’s GDP.
Trump has been vocal about the trade imbalance between the two countries, criticizing India’s high tariffs on U.S. exports. His Truth Social post criticized India for buying crude oil and defense equipment from Russia while purchasing "very little from the U.S.," prompting him to call America's trade relationship with India a "totally one-sided disaster."
In August, it was reported that Indian Prime Minister Narendra Modi was expected to meet Trump in September to discuss trade and tariffs, potentially paving the way for a trade deal announcement between the two countries.
Ex-Advisor Says Tariffs Weaken West's India Push
Former national security adviser John Bolton strongly criticized Trump's tariff strategy on Monday, contending that it has weakened decades of Western efforts to bring India closer and counterbalance China's rise.
His comments came as India’s Modi met with Russian President Vladimir Putin and Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organization summit in Tianjin, China.
READ NEXT:
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
