India’s Commerce and Industry Minister, Piyush Goyal announced that the nation is in the advanced stages of trade deal discussions with both the United States and the European Union.
The Minister emphasized India’s approach to these negotiations, stating, “Every agreement stands on the comparative advantage India will have vis-a-vis its trading partner.” He clarified that these deals are about more than just tariffs, stressing their significance in establishing trust, relationships, and supporting businesses over the long term. India is keen for these advanced economies to contribute to its future, aligning with the country’s vision of a ‘Viksit Bharat’ (developed India).
A key focus for New Delhi is its bilateral trade with the United States, for which it has set an ambitious target of doubling the trade in goods and services to $500 billion by 2030. Efforts to secure an India-U.S. trade deal, which had briefly stumbled in August, have reportedly gained significant momentum, with an agreement possibly being reached as early as November
These discussions are taking place while the two countries navigate trade friction. The U.S. has imposed a 25% penal tariff on India for its purchase of oil from Russia, which is levied in addition to the 25% reciprocal tariffs already applied to Indian goods entering the U.S. market. India has publicly characterized these duties as “unfair, unjustified and unreasonable.” Nevertheless, the Minister confirmed that teams from both countries are actively engaged in dialogue, noting the recent visit of India’s Commerce Secretary to the U.S.. “We hope to work toward a fair and equitable agreement in the near future,” Goyal stated.
Separately, negotiations for a Free Trade Agreement with the European Union continue, although differences remain over key issues such as market access, environmental standards, and rules of origin.
Last updated: December 26th, 2025
