India Won’t seal US trade deal without better terms, Says Piyush Goyal

India has made it clear that while its long-awaited trade agreement with the United States is nearly complete, the final handshake will depend on one crucial factor securing a competitive advantage.

Speaking on Saturday, Union Commerce and Industry Minister Piyush Goyal stated that the proposed India-US Bilateral Trade Agreement (BTA) cannot move forward unless India gets favourable tariff terms compared to other competing nations.

His remarks came in response to recent comments by US Ambassador-designate Sergio Gor, who had claimed that the deal was “99 per cent complete.”

According to Goyal, the framework of the agreement has already been finalised, but implementation remains on hold due to unresolved tariff-related concerns.

“We have completed the framework agreement and officially announced it. But the remaining issue is linked to tariffs and duties. India cannot implement the agreement unless we secure lower duties than competing countries,” Goyal said during a press conference at the Bharatiya Janata Party headquarters.

The statement signals that while both nations are close to formalising the pact, tough negotiations continue behind the scenes, especially around market access and duty structures.

The trade deal is expected to significantly boost bilateral commerce between the world’s two largest democracies. It aims to open new opportunities across sectors such as manufacturing, technology, agriculture, and exports.

ALSO READ : Anant Ambani Unveils Reliance’s Massive Kutch Green Energy Hub, Says It Will Generate 40 Billion Units of Power

Goyal also addressed concerns surrounding the recent weakening of the Indian rupee. Showing confidence in India’s economic fundamentals, he said the currency’s depreciation is temporary and will stabilise in the coming months.

“The rupee will return to normal levels. India will continue its journey as the fastest-growing developing nation,” he said.

The minister further highlighted how India’s trade relations have expanded under Prime Minister Narendra Modi, noting that the country has signed and strengthened multiple free trade agreements over the past decade.

Touching upon concerns over a possible El Niño impact on agriculture, Goyal said the government is actively preparing strategies to safeguard farmers and maintain food security.

He pointed to the Centre’s fertiliser subsidy programme, claiming that farmers have received nearly 90 per cent subsidy support while rates have remained stable over the past 12 years.

“The government has stood firmly with farmers, and we will continue to do so,” he noted.

Looking ahead, Goyal said the government’s focus remains firmly on the vision of Viksit Bharat, stressing that the last 12 years were only the beginning of India’s growth story.

“Together with the people of India, we will continue building a developed nation,” he said.

As India and the United States inch closer to one of their most significant trade partnerships, all eyes are now on whether the final tariff hurdles can be cleared in time.