Union Commerce Minister Piyush Goyal said on Tuesday that India hopes to finalize a trade agreement with the United States by November. Speaking at the Annual Global Investor Conference 2025, he said, “I hope things will get back on track soon, and we can finish a bilateral trade agreement by autumn, as our leaders discussed in February.”
Goyal added that India is in talks with the US about the trade deal. However, no new meetings have been planned after US negotiators postponed their visit to New Delhi, which was set for August 25. Government officials said that removing the 25% extra tariffs on India’s purchase of Russian oil is important for restarting trade negotiations.
These comments came after former US President Donald Trump said India should cut tariffs to zero. He criticized India for buying most of its oil and military goods from Russia and very little from the US. Goyal said that, despite trade uncertainties, these challenges bring opportunities for businesses, and the government is working to strengthen the economy.
On India-China relations, Goyal said ties are returning to normal after border tensions. “We had a problem in Galwan, which caused a temporary issue. As the border issue is resolved, normal relations will return,” he said. This is important as Indian industries want the government to make it easier for China to invest in India.
Regarding India-EU trade talks, Goyal said progress is being made. Commerce Secretary Sunil Barthwal is in Brussels for discussions, and the 13th round of negotiations will start in India on September 8.
Goyal also emphasized India’s focus on Aatmanirbhar Bharat, promoting local manufacturing in sectors like drones, semiconductors, and steel. He urged industries to support energy-efficient and eco-friendly manufacturing, including LED bulbs and 5-star appliances.
