India-US BTA: Trade talks cannot be done with a deadline, says Piyush Goyal

Even as India and the US have resumed talks for a bilateral trade deal, commerce and industry minister Piyush Goyal on Saturday said trade negotiations can not be done with a deadline and underlined that India will continue to protect the interests of its farmers, fishermen and MSMEs.

"Talks are going in a positive manner. But FTA or any trade talks can not be done on a deadline. India's farmers, fishermen and MSMEs...we have to look after everyone's interests," he said at a press conference on GST rate cut benefits.

A team of Indian officials led by commerce secretary Rajesh Agarwal is currently in the US to discuss how the trade negotiations can move forward. Some members of the team have already returned. It is expected that the sixth round of negotiations could take place when the US shutdown ends. 

India and the US had initially planned to finalise the first tranche of the bilateral trade deal by fall of this year. But India is now faced with a 50% tariff by the US including a 25% penalty for purchasing crude oil from Russia.

Meanwhile, Goyal also expressed confidence that India's exports will continue to grow in the second half of the fiscal year despite the tariffs imposed by the US.

"India's exports have grown in the first six months. There is demand for our goods and services and I am confident it will continue to grow in the second half of the fiscal," he said.

India's exports grew by 4.43% in the first half of the fiscal year. Merchandise exports grew 6.75% in September to $36.38 billion from a year ago.