No trade deal at cost of farmers, workers' welfare, says Piyush Goyal

India will not agree to any trade deal that harms farmers, dairy or workers, Piyush Goyal said, adding that new fish export markets like Russia are being explored

Commerce and Industry Minister Piyush Goyal on Tuesday reaffirmed that India will not compromise on the interests of its farmers, dairy sector and workers while negotiating trade agreements with other countries.

 

Speaking at Udyog Samagam 2025 in New Delhi, a conference of industry and commerce ministers from various states, Goyal said that the government is committed to ensuring that future trade pacts remain fair, equitable and balanced.

 

“We are working for a good trade deal. India is not going to compromise with the interests of farmers, dairy and workers... We are working on a fair, equitable and balanced trade deal,” Goyal said.

 

 

The minister added that the timing of such deals would depend on mutual readiness. “...It (trade deal) can happen tomorrow, it can happen next month, it can happen next year... but as a government we are preparing for any contingency,” he said.

 

Goyal further said that India is exploring new destinations like Russia for its fishery exports, which have been hit by steep tariffs in the US. He added that the government is taking steps to reduce the impact of such trade barriers and expand India’s market reach.

 

India, US continue talks

 

Last week, Goyal said that discussions between India and the US are progressing steadily, though several sensitive and complex issues remain unresolved.

 

“Talks are going well...and are continuously going on... 'kaee samvedanasheel mudde hai, kaee gambheer mudde hai, toh svaabhaavik hai ki thoda samay lagega' ('There are many sensitive issues, many serious issues, so it is natural that it will take some time'),” he said.   

 

Five rounds of talks completed so far

 

According to the Commerce Ministry, five rounds of negotiations have been held so far for the first phase of the proposed bilateral trade agreement between India and the US.

 

Last month, Commerce Secretary Rajesh Agrawal led a team of Indian officials to Washington for a three-day round of talks, which concluded on October 17. Earlier this year, both countries’ leaders had directed officials to finalise the first tranche of the Bilateral Trade Agreement (BTA) by September-October this year.

 

Trade ties under strain amid tariff barriers

 

Trade relations between India and the US have faced strain since the Trump administration imposed a 50 per cent tariff on Indian goods, including a 25 per cent additional import duty linked to purchases of Russian crude oil.

 

Despite challenges, the proposed BTA aims to more than double bilateral trade to $500 billion by 2030 from the current $191 billion.   

 

US remains India’s top trading partner

 

The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with total bilateral trade reaching $131.84 billion. Of this, $86.5 billion came from Indian exports.

 

Commerce Ministry data shows that India’s exports to the US declined by 11.93 per cent to $5.46 billion in September, largely due to high American tariffs. However, imports from the US rose by 11.78 per cent to $3.98 billion during the same period.

 

(With agency inputs)