New Delhi: Commerce and Industry Minister Piyush Goyal has cautioned against setting artificial deadlines in trade negotiations, emphasizing the importance of reaching mutually beneficial agreements. Speaking on Thursday, December 11, 2025, Goyal reiterated that India–US trade negotiations are progressing steadily, with multiple rounds of discussions completed. He stressed that rushing into a deal under pressure can lead to mistakes, and any agreement must serve the interests of both countries.
Goyal's remarks came amidst a flurry of activity surrounding India-US trade relations. A delegation led by US Deputy Trade Representative Rick Switzer visited New Delhi from December 9-11, engaging in "productive exchanges" on various aspects of trade and economic ties. This visit, Switzer's first to India since assuming office three months ago, aimed to strengthen relationships and foster a deeper understanding between the two sides.
During the visit, Ambassador Switzer met with Minister Goyal, Commerce Secretary Rajesh Agrawal, and other senior Indian officials. The discussions covered a wide range of issues related to the ongoing negotiations for a mutually beneficial bilateral trade agreement (BTA). Both sides affirmed their commitment to maintaining a positive and constructive approach to the talks.
Goyal also addressed comments made by United States Trade Representative Jamieson Greer, who reportedly described India's trade offer as the "best ever" received by the United States. While welcoming this sentiment, Goyal urged a concrete step forward, stating that if the US is indeed satisfied, they should "sign on the dotted line". He refrained from disclosing specific details of India's offer.
The ongoing negotiations aim to finalize an initial tranche of the agreement, with an indicative target timeline of fall 2025. The prospective agreement seeks to more than double bilateral trade to USD 500 billion by 2030 from current levels, reinforcing the existing status of the United States as India's largest trading partner. In 2024–25, two-way trade reached USD 131.84 billion, with India accounting for USD 86.5 billion in exports.
Prime Minister Narendra Modi and US President Donald Trump also held a telephonic conversation, exchanging views on expanding cooperation in trade, critical technologies, energy, defense, and security. They reaffirmed their commitment to working together for global peace, stability, and prosperity.
While Goyal has avoided setting specific timelines, Chief Economic Advisor V. Anantha Nageswaran expressed optimism that a framework trade pact could be finalized by March 2026. However, he acknowledged that a full bilateral trade agreement (BTA) would take more time.
Despite the positive momentum, challenges remain. The US has imposed steep tariffs on certain Indian goods, and there is resistance in India to granting market access for specific agricultural products. India has also strongly opposed any concessions on the agriculture and dairy sectors, emphasizing the need to protect the interests of farmers and MSMEs.
The successful completion of a mutually beneficial trade agreement between India and the US holds significant potential to boost economic ties, enhance strategic cooperation, and promote global stability. Both nations remain committed to continuing constructive engagement to navigate the complexities and achieve a comprehensive and balanced deal.
