New Delhi: India’s Commerce Minister, Piyush Goyal, on Thursday addressed the impact of US tariffs on India’s economy. The US imposed a 26 per cent tariff on certain Indian goods, beginning with a 10 per cent baseline tariff on April 5, 2025.
Speaking on the matter in Parliament, Piyush Goyal said, “India launched negotiations for a balanced and mutually beneficial bilateral trade agreement (BTA). The target was to complete the first phase of the agreement by the fall of 2025, that is, October-November 2025. The two sides finalised the detailed terms of reference (TOR) for the commencement of negotiations on a bilateral trade agreement. First physical meeting held on 29 mar 2025 in New Delhi.”
“After these four rounds of physical meetings have taken place between the two sides in New Delhi and Washington, D.C., so that work can be done to finalise the bilateral trade agreement as per the prescribed terms of reference,” he added.
“Apart from this, many virtual meetings have also taken place between the two sides. The government is examining the implications of the recent developments. The Ministry of Commerce and Industry is interacting with all the stakeholders, including exporters and industry, to take their assessment on the subject,” the minister added.
“The government attaches the highest importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, micro, small, and medium enterprises and all stakeholders of the industry,” Goyal said.
“We will take all necessary steps to secure and advance our national interest. In less than a decade, India has emerged from among the fragile 5 economies to become the fastest-growing major economy in the world. We have grown from the 11th largest economy to one of the top five economies on the strength of our reforms and the hard work of our farmers, MSMEs and entrepreneurs,” Piyush Goyal assured.
“Our exports have increased steadily over the last 11 years. In an increasingly protectionist world, India has mutually beneficial trade agreements with the united arab emirates, uae, uk, australia and EFTA counties. We are committed to entering into similar trade agreements with other countries as well,” the minister affirmed.