India won’t rush into FTAs without protecting farmers, MSMEs, says Piyush Goyal

Commerce Minister Piyush Goyal

Commerce Minister Piyush Goyal on October 18 retreated that India will not rush into any trade agreements without safeguarding the interests of its farmers, fishermen and small businesses, amid ongoing talks with the United States around tariffs.

Goyal added that the talks with the US are progressing well, while also stating that India does not negotiate any Free Trade Agreement (FTA) based on deadlines.

“…Talks are ongoing in a positive environment, and I have said this before, no FTA negotiations are ever done based on a deadline. Unless we take care of the interest of the India’s farmers, fishermen, MSMEs, till the interest of the nation is protected, till then we don’t do any agreement. Talks are going well (with the US), and are ongoing, once there is a decision, it will be informed,” Goyal said during a briefing.

An Indian team of negotiators is currently in the US to engage in discussions related to tariffs.

Commerce Secretary Rajesh Agarwal had earlier clarified that these talks are not the same as the next round of negotiations for the proposed Bilateral Trade Agreement (BTA) between the two, the deadline for which is the Fall of this year.

The two nations opened talks for the proposed trade deal in March and have conducted five rounds of negotiations, with the last one held in July in the US.

But, following Trump's decision to double tariffs on India to 50 percent, the next round of trade talks slated for August 25 in New Delhi, was deferred.

On the impact of steeper US tariffs on India’s labour-intensive exports, Finance Minister Nirmala Sitharaman at the same briefing said that the government is engaged with relevant associations.

“Sectors impacted by US tariffs like textiles and marine products are talking to us through associations. But they haven't yet given me an amount, which is their assessment of what the tariff has done to them,” Sitharaman said.

Goyal added that despite steeper tariffs, India has seen significant growth in overall exports in the first six months of FY26.

India’s cumulative exports (merchandise and services) during April-September 2025 is estimated at $413.30 billion, an estimated growth of 4.45 percent.

“Even in merchandise exports we have seen a growth story. There is demand for our goods and services across the world. And we are confident we will end FY26 with a positive growth in India's exports,” Goyal said.

Merchandise exports during April-September 2025 was $220.12 billion, up 3.02 percent on-year.

But in September 2025, India’s merchandise trade deficit widened to a thirteenth-month high of $32.15 billion as imports surged 16.7 percent to $68.53 billion.