Commerce and industry minister Piyush Goyal on Friday said that India does not operate under external deadlines when it comes to trade negotiations and will only enter into agreements that align with national interests.
His comments came in response to a question about whether a trade pact with the United States would be finalised ahead of Washington’s July 9 deadline.
“India negotiates trade deals on its own terms. Our priority is what benefits the country,” Goyal said.
He stressed that India is engaged in ongoing trade negotiations with several nations, including the European Union, New Zealand, Oman, and Chile.
Speaking at the 16th International Toy Biz Exhibition, Goyal said that India’s approach to trade deals is always grounded in fairness and mutual benefit. “An FTA (free trade agreement) should be a win-win. India never negotiates trade deals based on deadlines. Our focus is always on fairness and the country’s benefit,” he said.
India has also informed the World Trade Organisation (WTO) that it plans to impose retaliatory tariffs on selected US-origin products in response to America’s recent duty hike on automobiles and certain auto parts.
According to a WTO submission, India plans to suspend concessions and raise tariffs as allowed under global trade regulations. “India reserves its right to suspend concessions or other obligations after thirty days from the date of this notification,” the document stated.
A high-level Indian delegation led by chief negotiator Rajesh Agrawal recently returned from Washington after completing another round of discussions on a proposed interim trade agreement with the US.
These talks, which took place between June 26 and July 2, have not reached a conclusion, as several contentious issues remain unresolved, particularly in the fields of agriculture, dairy, and automobiles.
The United States on May 3 to imposed a 25 per cent ad valorem safeguard duty on imports of passenger cars, light trucks, and certain automotive parts. India argued that the US failed to notify the WTO in accordance with procedural norms and that the tariff hike violates multilateral trade rules.
