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Union Commerce and Industry Minister Piyush Goyal, on Tuesday said that the government is trying to work out a fair, equitable and balanced trade deal with the United States and is also preparing for every contingency.
The minister, who attended the Udyog Samagam-2025 at Sushma Swaraj Bhawan in the national capital, said national interest will be top priority in finalizing the trade deal. "We are of course trying to work out a fair, equitable and balanced trade deal. If that happens, it could happen any day. It could happen tomorrow. It may happen next month. It may happen next year. But as a government, we are preparing for every contingency," Goyal said. Meanwhile, government sources told ANI that trade talks between the two countries are progressing well, adding that the BTA with the US will be most comprehensive and detailed and WTO-compliant. They added that the negotiation with the US is being done while keeping in mind sensitive issues and sensitive sectors."Another round of negotiations may not be required," government officials told ANI. Goyal had told ANI earlier this month that talks on the India-US Bilateral Trade Agreement are "going on very well", but said that there are "many sensitive and serious issues" and it would take time. "Talks are going on very well. There are many sensitive issues, many serious issues, so naturally, it takes some time," Goyal said, when asked to provide an update on India-US trade talks. A government official had recently said that India and the US were "very near" to finalising the first tranche of the ambitious Bilateral Trade Agreement (BTA). The BTA, formally proposed in February following directives from leaders of the two countries, aims to more than double trade volumes from the current USD 191 billion to USD 500 billion by 2030. US President Donald Trump announced 25 per cent tariffs on Indian goods that came into effect on August 1, even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs. A few days later, he imposed another 25 per cent tariff, taking the total to 50 per cent, citing India's continued imports of Russian oil. (ANI)
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