India-US trade talks moving  cordially, no deadlines: Goyal

The government on Saturday refused to put a deadline to ongoing trade deal negotiations with the US saying talks were progressing in a positive, cordial environment.

"I would say the talks are going on in a very cordial environment. I have said in the past that free trade agreements and trade talks are never based on deadlines. There is no agreement until all our interests -- of farmers, fish farmers and MSMEs are addressed," Commerce and Industry Minister Piyush Goyal said when asked about the progress of the talks and whether any good news was due.

Meanwhile, the Indian negotiators who were in Washington for further parleys have returned with Goyal's next visit to the US yet to be planned.

The minister, commenting on the impact of tariffs, cited the resilience of the Indian economy, S&P upgrading India's credit ratings in August and IMF revising India's growth forecast upward to 6.6%.

"We are the oasis in the world's growth story...despite all uncertainties, the Indian exports grew by about 6-7% overall and even in merchandise, we have seen a good story of India in the first six months," Goyal said.

To cement his point he cited two data sets -- 33% rise in gross FDI from April to July to $37.71 billion this year and reduction in foreign portfolio investor withdrawals from $4 billion to $900 million in August.

US President Donald Trump has imposed 50% tariffs on India, including 25% tariffs on account of Indian purchase of Russian oil.

Feb statement mentions trade deal

The India-US joint statement of February 13, 2025, issued after a meeting between President Donald Trump and PM Narendra Modi, said the following about trade talks: "The leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement by fall of 2025."