Union commerce and industry minister Piyush Goyal confirmed that India is working towards a bilateral trade agreement with the United States as agreed between Prime Minister Narendra Modi and President Donald Trump in February.
His remarks came as Trump’s 26% reciprocal tariff on Indian goods came into effect.
“We are keeping India’s interests at the forefront,” Goyal said, assuring business leaders that ongoing negotiations are progressing well. “This agreement will help power the Indian economy towards Viksit Bharat 2047,” he said.
President Trump, in his second term, has doubled down on tariff reciprocity, imposing 26% tariffs on Indian goods. While several nations have responded with retaliatory measures, India has opted to stay the course, focusing on finalising a fair and comprehensive trade pact.
Echoing Goyal’s optimism, Union minister Hardeep Singh Puri said India would emerge stronger from the current trade turbulence. “Every challenge is an opportunity. Under the leadership of the Prime Minister, India will come out ahead,” he said.
Puri also addressed global energy concerns, noting that crude oil availability remains strong and India now sources oil from over 40 countries. He highlighted ongoing domestic exploration and production efforts to further secure energy needs.
Earlier this week, US secretary of state Marco Rubio and external affairs minister S Jaishankar discussed the tariff situation. According to US officials, both sides reaffirmed their commitment to a “fair and balanced” trade relationship.
The dialogue comes after Trump’s recent announcement of a 10% blanket tariff on all imports into the US, which sent ripples through global markets.
As part of their shared agenda, both countries have launched “Mission 500,” aiming to double bilateral trade to $500 billion by 2030. Talks for the first phase of the Bilateral Trade Agreement (BTA) are expected to culminate by fall 2025.
Meanwhile, Trump’s tariffs have taken effect on Wednesday, including a 26% levy on Indian goods and a steep 104% on imports from China.
