India is prepared to finalize trade agreements that are fair and equitable, according to recent statements by Commerce and Industry Minister Piyush Goyal. Goyal has emphasized that India is actively engaged in discussions with both the European Union (EU) and the United States (US) to advance trade deals that align with the nation's interests and promote mutual growth.
Speaking at a recent media event, Goyal highlighted India's eagerness to contribute to the future of developed nations, while also seeking their contributions to India's "Viksit Bharat" vision. He stressed that every agreement must be based on comparative advantages for all participating parties, moving beyond a sole focus on tariffs. The aim is to double trade in goods and services with the US to $500 billion by 2030.
India's commitment to striking balanced trade deals is evident in its ongoing negotiations with the EU. Goyal recently concluded a visit to Brussels, where he met with European Commissioner for Trade and Economic Security Maroš Šefčovič, reporting "significant progress" in the discussions. As of late October 2025, negotiations have concluded on 10 out of 20 chapters of the proposed Free Trade Agreement (FTA), with another 4-5 chapters broadly decided in principle. Trade negotiators from both sides are scheduled to meet soon to resolve sensitive issues like trade barriers on steel and automobiles, aiming to conclude FTA negotiations by December. India anticipates further breakthroughs when the EU Trade Commissioner visits India in late November.
Despite progress with the EU, some challenges remain. Issues related to steel, automobiles, the Carbon Border Adjustment Mechanism (CBAM), and other EU regulations require further discussion. Goyal emphasized the need for preferential treatment for India's labor-intensive sectors during negotiations.
India is also actively engaged in discussions with the US to finalize a trade deal. The Ministry of External Affairs (MEA) confirmed that discussions are ongoing, with US President Donald Trump hinting at an imminent agreement. The proposed deal may include reducing US tariffs on Indian exports from 50% to 15%, with India potentially decreasing its Russian oil imports while increasing energy purchases from the US.
It's important to note that trade relations between India and the US have seen some friction. The US has imposed tariffs on India, including penalties for purchasing oil from Russia, which India views as "unfair, unjustified, and unreasonable".
Goyal has made it clear that India will not rush into any trade agreement that restricts its trading choices. He has stated that India "does not do deals in a hurry and we do not do deals with deadlines or with a gun to our head". Instead, India is looking at newer markets to deal with high tariffs. He has stressed that a good deal, which recognizes sensitivities on both sides, is more important than adhering to any deadline.
India's focus remains on securing trade agreements that are fair, equitable, and balanced, promoting trade, investment, technology flow, and mobility while protecting the interests of its farmers, fishermen, and MSME sector.
