'No agreement unless...': Piyush Goyal gives big update on India-US trade deal; talks going on in 'cordial atmosphere'

Union commerce and industry minister Piyush Goyal on Saturday said discussions between India and the United States on the proposed bilateral trade agreement are progressing in a “cordial atmosphere,” stressing that New Delhi will safeguard the interests of , , and the MSME sector.

“I believe the talks are progressing in a very cordial atmosphere and I have said many times that free trade agreements or trade talks are never based on deadlines. There is no agreement unless we fully address the interests of the nation - India's farmers, India's fishermen, India's MSME sector,” Goyal told reporters, adding that talks are continuing in a constructive manner, as per news agency PTI.



"The talks are progressing very well. The talks are ongoing and we will definitely inform you when we reach a decision", he said.

He was responding to a question on the timeline for concluding the proposed pact, which both countries aim to finalise in the first tranche by October–November 2025.


These remarks come amid US demands for concessions in India’s agriculture sector.

The Indian delegation, headed by commerce secretary Rajesh Agrawal, recently held trade discussions in Washington, with Goyal leading a delegation to New York last month.

The proposed bilateral trade agreement is intended to more than double India-US trade to $500 billion by 2030 from the current $191 billion.

The US has remained India’s largest trading partner for the fourth consecutive year in 2024–25, with bilateral trade valued at $131.84 billion, including $86.5 billion in exports, according to government data.

Bilateral merchandise trade has been affected by US tariffs, including a steep 25% duty on certain Indian goods and an additional 25% import duty on Russian crude oil. India has described these duties as “unfair, unjustified and unreasonable”.

Government sources have claimed that discussions are ongoing at multiple levels, with both sides working towards a “win-win solution.”

India’s exports to the US have shown steady growth, and around 45% of exports remain outside US tariff coverage.

The sources also noted that the US is seeking to diversify supply chains away from China, which could accelerate the trade deal process.

Both sides have indicated that the agreement will be mutually beneficial, and India has emphasised that it will maintain its red lines on agriculture, MSMEs, digital trade, e-commerce, and intellectual property while negotiating the pact.