Piyush Goyal on India-US trade deal: 'Won't compromise interests of farmers, dairy'

India is committed to ensuring that its trade deals do not compromise the interests of farmers, dairy producers, or workers, Commerce and Industry Minister Piyush Goyal said on Tuesday.

Speaking at the Udyog Samagam 2025 conference, Goyal said that while India is working towards strong trade agreements, particularly with countries like the US, it will not make concessions that could harm sensitive sectors such as agriculture.

"We are working for a good trade deal. India is not going to compromise with the interests of farmers, dairy, and workers. We are working on a fair, equitable, and balanced trade deal," Goyal stated, reaffirming India's commitment to protecting its core sectors. 

He added that India and the US are in the midst of negotiating a bilateral trade agreement, with five rounds of talks already completed. However, Goyal clarified that the outcome of these discussions remains uncertain. "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 everything," he said.

India and the US are negotiating a bilateral trade agreement. So far, five rounds of talks have been completed. Meanwhile, an official said another round of negotiations may not be necessary. "The US has to get back to us. India is negotiating a comprehensive, detailed, and WTO-compliant trade deal compared to any other country. Maybe it took time, but we negotiated very cautiously, keeping in view the interests of our sensitive sectors," the official said.

On the India-New Zealand Free Trade pact, the official said talks are almost complete. New Zealand Trade Minister Todd McClay will visit India on Friday to give an impetus to the trade talks. On the India-EU trade pact, the official said talks are progressing and the EU Trade Commissioner Maros Sefcovic is expected to visit India in the second week of December for trade talks.

In addition to the US, India is seeking to expand its trade footprint in new markets such as Russia, especially for sectors like fisheries, which have faced difficulties due to steep tariffs in the US. 

A team of Indian officials, headed by Commerce Secretary Rajesh Agrawal, was in Washington last month to hold trade talks with their US counterparts. The three-day talks ended on October 17. Negotiations for the pact are important, as relations between the two countries have been under severe strain since the US President Donald Trump administration imposed a steep 50 per cent tariff on Indian goods.

The proposed pact aims to more than double the bilateral trade to $500 billion by 2030 from the current $191 billion. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at $131.84 billion ($86.5 billion exports). It accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. 

(With inputs from PTI)