India-US trade talks cordial; farmers, MSME interests protected: Goyal

Commerce and Industry Minister Piyush Goyal on Saturday said talks between India and the US on a proposed bilateral trade agreement are progressing in a cordial atmosphere and New Delhi will protect the interests of farmers, fishermen and MSME sectors.

  "Bharat ke kisano ka, machhuvaaron ka, Bharat ke MSME sector ka, jub tak desh hiton ko puri tarah se hum sambhalen nai, tab tak koi agreement kiya nai jata (No agreement can be made until we take care of the interests of India's farmers, fishermen and MSME sector)," he told reporters here.

  He was replying to a question about the progress of talks between the two countries on the proposed pact and by when it will be concluded. 

"Talks are going on in a cordial atmosphere," he said.

  The remarks are important as the US is seeking concessions in India's agriculture sector.

  The Indian official team, headed by Commerce Secretary Rajesh Agrawal, was in Washington this week to hold trade talks with their US counterparts.

  The three-day talks ended on October 17. The team is on its way back from the US.

  An official said that the talks were positive during this visit between the two sides and a number of issues have been resolved in earlier rounds of negotiations also.

  In February this year, leaders of India and the US directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).

They have fixed a deadline to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been completed. Last month, Goyal led an official delegation to New York for trade talks.

  These deliberations are important as the relations between the two countries have been reeling under severe stress after the Trump administration imposed a steep 50 per cent tariff on Indian goods. It includes a 25 per cent additional import duty for buying Russian crude oil.

  India has described these duties as "unfair, unjustified and unreasonable".

  However, the recent phone conversations between Prime Minister Narendra Modi and US President Donald Trump have raised hopes of a positive outcome from the ongoing negotiations for the trade deal.

  After a brief gap, Assistant US Trade Representative for South and Central Asia Brendan Lynch held talks with Indian officials in New Delhi on September 16. In that meeting, both sides agreed to push for an early and mutually beneficial conclusion of the agreement.

  The proposed pact aims to more than double the bilateral trade to USD 500 billion by 2030 from the current USD 191 billion.

The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).

  It accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. 

India's merchandise exports to the US declined by 11.93 per cent to USD 5.46 billion in September due to the high tariffs imposed by Washington while imports increased by 11.78 per cent to USD 3.98 billion during the month, according to the commerce ministry data.