Piyush Goyal

India is likely to allow increased imports of energy products, edible oils, automobiles, and defence equipment, among others, in order to slash the looming Trump tariffs.

Meanwhile, India has sought consultations with the United States (US) at the World Trade Organisation (WTO) on tariff increase of 25 per cent on imports of passenger vehicles (PVs) and light trucks, and on certain automobile parts.

"Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Goyal told reporters

The talks for the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023.

Goyal also said that India will raise its concerns over certain EU's regulations such as carbon tax and deforestation rules in the trade talks

The next round of negotiations is expected in July-August, 2025. India and Chile aim to conclude their trade negotiations for a Comprehensive Economic Partnership Agreement (CEPA) by 2026.

At the CII Business Summit, Goyal said, "IMF has projected by 2027 India will be the world’s third largest GDP. This is significant because it is happening despite global uncertainties."

Export Promotion Councils (EPCs) and government portals do not provide accessible, verifiable, or comprehensive exporter information to foreign buyers, the official added.

India and the US are currently discussing the contours of the trade pact as part of Mission 500, a broader initiative aiming to more than double bilateral trade to $500 billion by 2030.

Exporters are likely to seek clarity on the tariff cuts offered by India, especially on automobiles and inclusion of electric vehicles

For the UK, the biggest wins being highlighted are Scotch whisky tariffs set to be halved from 150 to 75 per cent and automotive tariffs set to fall from 100 to 10 per cent under a quota.

Commerce Minister Goyal refused to clarify if talks around tariff negotiations with the US could be concluded within the 90-day pause period.

European commissioner for trade and economic security Maros Sefcovic said India-EU trade talks are on the right track and that they are making a “solid headway” towards a balanced and mutually beneficial deal.

Currently in London for two days, Goyal, in his first engagement, held a meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds to advance FTA negotiations

Minister Piyush Goyal said that while the domestic steel industry requires protection from dumping of goods from other nations, they too have a duty and obligation to support local supply chain.

The interaction, being organised by the New Delhi-based industry body, Startup Policy Forum (SPF), follows the minister’s recent comments at the Startup Mahakumbh, where he questioned whether startups building consumer apps were truly driving innovation.

The meeting comes a month after Reliance Jio and Bharti Airtel announced their partnerships with Elon Musk’s company to bring satellite telecom in India.

The assurance came hours before Donald Trump hit pause on reciprocal levies for all countries but China

'Allow founders to enjoy (their) equity. If they do well, allow them to claw back their equity,' Goyal added.

Union Minister Piyush Goyal on Wednesday said that his remarks were rather an appeal to the Indian talent, adding that the country's startups have made everyone proud.