India, US Likely To Finalise Mini Trade Deal Within 48 Hours: Report | India News

India and the US are likely to finalise a mini trade deal within the next 48 hours that will focus on reducing tariffs on select items while keeping key agricultural products out of its scope, CNBC-TV18 reported on Saturday, citing sources.

“India & the US are set to finalise a mini trade deal within 48 hours, focusing on lower tariffs for select goods while excluding key farm products, as per sources. Broader trade talks will follow after July 9,” CNBC-TV18 said in a post on X. 

This development comes after Union Commerce and Industry Minister Piyush Goyal recently said that India will sign a trade deal with the United States or any other developed country only if the agreement is mutually beneficial and protects the country’s national interests.

“It should be a win-win agreement, and only when India’s interests are safeguarded — national interest will always be supreme — and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” ANI quoted Goyal as saying.

Goyal emphasized that India does not make trade deals under deadlines or pressure and only agrees to deals that are fully developed and carefully negotiated.

“India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” he stated.

This development also comes against the backdrop of India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, returning from Washington after trade talks with US officials without reaching a final agreement on the sensitive issue of trade in agricultural and dairy products.

The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 to July 2.