Goyal called India-US ties “very consequential,” highlighting India’s economic strength and global resilience
New Delhi
India is holding discussions with the United States to finalise an interim bilateral trade agreement (BTA), Commerce and Trade Minister Piyush Goyal said on Tuesday. His remarks come as the US, under President Donald Trump, has criticised India for buying Russian oil and imposed heavy tariffs.
Speaking at an industry chamber event, Goyal confirmed that talks are underway despite challenges. The US recently levied 50 percent tariffs on Indian goods, including 25 percent punitive tariffs linked to India’s energy imports from Russia. A planned sixth round of BTA negotiations in New Delhi on August 25 was cancelled after the US delegation withdrew.
Goyal stressed that India’s trade policy will always safeguard national interests and the needs of domestic industries. He explained that India approaches negotiations with mutual respect in mind — asking partners to consider India’s sensitivities while being willing to acknowledge theirs.
Highlighting the importance of the partnership, Goyal described India-US ties as “very consequential” and pointed out that India’s economic strength and resilience make it a key global player. As the world’s fastest-growing major economy, he said, India is well placed to expand international trade while protecting its priorities.
Meanwhile, US Treasury Secretary Scott Bessent sounded optimistic about resolving the dispute. Speaking to Fox Business, he said both nations share democratic values and predicted that “two great countries will get this solved.” He emphasised that India’s role as the most populous democracy makes cooperation with Washington vital.
Despite trade tensions, officials on both sides have expressed hope that negotiations will restart soon, leading to a mutually beneficial deal.
