India has made it clear that trade deals will only be finalized when they fully align with the country’s strategic and economic interests, rather than by meeting arbitrary deadlines. Commerce Minister Piyush Goyal emphasized that the nation is not rushing into any agreement unless it offers a mutually beneficial outcome. His statement comes as India and the United States are reportedly nearing a temporary trade agreement.
Goyal reiterated that India’s stance in global trade negotiations is firm, with a clear priority on national interest. For example, while India seeks expanded market access for its labor-intensive sectors, the US is pushing for reduced tariffs on its agricultural exports. With US reciprocal tariffs on hold only until July 9, both sides are keen to conclude discussions before that deadline — though India is not swayed by time pressure.
“If the deal benefits both sides and protects India’s core interests, then we’re open to finalizing it,” Goyal said during the 16th Toy Biz B2B Expo in New Delhi. He also mentioned ongoing trade discussions with a number of countries including the European Union, New Zealand, Oman, Chile, and Peru. However, he stressed that India does not sign free trade agreements unless they are mature, balanced, and rooted in long-term benefit.
Goyal’s approach mirrors the country’s wider foreign policy perspective, echoed earlier by External Affairs Minister S. Jaishankar, who defended buying discounted Russian oil amid Western criticism. He had said that India will always act in favor of its citizens’ best interest.
Industry experts agree that the upcoming India-US interim agreement aims to be a sustainable, win-win arrangement, likely paving the way for a larger, comprehensive trade pact in the future. However, challenges remain, especially around agriculture — a politically sensitive topic in both countries. As Atul Keshap, head of the US-India Business Council, pointed out, farming touches not just the economy but also national identity and political sentiment.
As global supply chains shift — with companies like Apple moving manufacturing to India and Vietnam — India’s trade positioning remains assertive, value-driven, and globally engaged.
