Piyush Goyal's BIG statement on India-US trade deal amid tariff tensions: 'We should never...'

Negotiations are progressing well for a trade deal between India and the United States, and substantial discussions have taken place, Union Commerce and Industry Minister Piyush Goyal said on Thursday. Interacting with the media, Goyal noted that a deal is done when both sides stand to benefit and it should not be negotiated with deadlines because there can be mistakes. "Negotiations are progressing well. We've had substantive discussions over several rounds of negotiations. In the past, I think five rounds have happened. The current visit is not a negotiating round. The current visit is a new deputy United States Trade Representative (USTR) who has joined about three months ago. It's his first visit to India. We're getting to know each other...We had very good substantive discussions," he said. "But I have said on record that a deal is only done when both sides stand to benefit. We should never negotiate with deadlines because you tend to make mistakes then," the minister added.

Answering a query about reported remarks of the US Trade Representative Jamieson Greer that America has received the best-ever trade deal from India, Goyal said "the happiness of the United States Trade Representative is very much welcome...I do believe that if they are very happy, they should be signing on the dotted line." Earlier on Wednesday, Goyal had expressed optimism about ongoing trade negotiations with the US and stated that discussions were "progressing well" towards a bilateral trade agreement (BTA).

Speaking on the sidelines of the Rajasthani Pravasi Divas, Goyal said that a US trade delegation has been in India since Tuesday, and that talks have been advancing positively. "All agreements have many diversified angles. Many dots have been connected," the minister said. Goyal noted that the latest exchanges allowed both sides to better understand each other's concerns and interests. He said the discussions remained focused and constructive, and that India was committed to continuing the process in a steady manner.

(With inputs from news agency ANI).