‘We never negotiate at gunpoint’: Piyush Goyal on Donald Trump’s 90-day tariffs pause

Union Minister of Commerce & Industry Piyush Goyal

India does not negotiate trade deals under pressure, according to Commerce and Industry Minister Piyush Goyal, who emphasized that the government will not rush into signing the proposed bilateral trade agreement (BTA) with the United States. “We never negotiate at gunpoint,” but wait for “favourable time constraints" to start trade negotiations.

"Humne pahle bhi kai baar kaha hai ki hum banduk rakhke kabhi negotiate nai karte hain. Sammay ki pabandiyaan acchhi rahti hain ki wo protsaahit karti hain ki baat teji se ho, lekin jab tak desh hit aur jan hit ko hum surakshit na rakh saken, tab tak kabi bhi jaldbazzi karna accha nai hai (I have said it many times before that we do not negotiate at the gunpoint. Timely restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty)," Goyal told reporters when asked about the progress of India-US BTA.

The two nations aim to finalize the first phase of the agreement by fall (September–October) this year, as part of a broader plan to more than double bilateral trade from USD 191 billion to USD 500 billion by 2030.

Goyal highlighted that India's trade negotiations are guided by the principle of "India first," aligning with the country's wider goal of achieving a Developed India (Viksit Bharat) by 2047. “All trade discussions are progressing positively in the spirit of 'India first' to ensure our pathway to a Developed India by 2047,” he stated.

Regarding the India-European Union (EU) trade pact, the minister noted that negotiations only advance when both sides are sensitive to each other’s concerns. He recognized that Indian exporters encounter non-tariff barriers in the EU and emphasized the importance of a more balanced approach.

Speaking at the Italy-India Business Forum, Goyal stressed the need for concrete steps to accelerate the India-EU free trade agreement, which he believes could significantly strengthen bilateral ties. He also pointed out the India-Middle East-Europe Corridor (IMEC) as an opportunity for India and Italy to enhance their strategic and economic partnership.

“There is a need to encourage investments on both sides and promote businesses to engage in trade with each other without obstacles. I believe there is tremendous potential to grow from the current USD 15 billion level,” he added.

(with PTI Inputs)