Business

Exclusive: India and US Trade Talks Show 'Fantastic' Progress as Goyal Eyes Special Treatment

India-US Trade Deal Negotiations Accelerate

Commerce Minister Piyush Goyal has announced that negotiations for a trade deal between India and the United States are making 'fantastic' progress. This development comes just days before the US President Donald Trump's reciprocal tariff deadline of August 1. Both nations are keen on finalizing a mini or interim trade agreement ahead of this critical date.

India-US Trade Talks

India's Stance on Agriculture and Dairy remains firm, with the country not willing to open these sectors in any trade deal, a position that has been consistent in all its negotiations. The US, however, is pushing for access into these critical sectors.

India Seeks Preferential Market Access

Goyal expressed optimism about securing preferential treatment for India from the Trump administration, emphasizing the importance of gaining an edge over competitors. "All options are on the table," he stated, highlighting India's strategy to achieve a balanced and equitable agreement.

Trump's Perspective on Trade Deals

US President Donald Trump has hinted that a trade deal with India is 'near,' with discussions focusing on market access similar to agreements with other countries. Trump has also suggested a baseline reciprocal tariff of 15% for most nations, indicating a shift from the previous 10% standard.