Commerce Minister Piyush Goyal has urged the US to sign the long-awaited free trade deal “on the dotted lines” if Washington is satisfied with India’s offer, which US Trade Representative Jamieson Greer called the “best ever” from New Delhi. | Photo credit: SHASHNK PARADE/PTI
Goyal welcomed the Trump administration’s stance on India’s offer but refrained from giving a deadline for the signing of the much-awaited free trade deal between the two nations.
The minister was responding to a comment by US Trade Representative Jamieson Greer in Washington, who said the US has received the “best offer ever” from India.
“His happiness is very welcome. And I really believe that if they are very happy, they should sign on the dotted lines,” Goyal told reporters here.
However, he declined to specify India’s offer to the US.
Five rounds completed
The minister said there have been five rounds of negotiations with the US on the trade deal, adding that US Deputy Trade Representative Rick Switzer’s ongoing visit to India is not about negotiations.
Switzer’s visit to India, his first since over three months ago, is an effort to get to know each other well, Goyal said, adding that he had “substantial discussions” with the visiting official.
The two-day talks between the US delegation led by Switzer concluded in New Delhi on Thursday. They held discussions with the Indian team led by Commerce Minister Rajesh Agrawal.
The two sides exchanged views on matters related to trade and economic ties between India and the US, including on the ongoing negotiations for a mutually beneficial Bilateral Trade Agreement (BTA).
Modi-Trump phone call
Meanwhile, Prime Minister Narendra Modi held a telephonic conversation with US President Donald Trump on Thursday, focusing on strengthening economic ties at a time when the two countries are eyeing a trade deal.
The two leaders exchanged views on expanding cooperation in trade, critical technologies, energy, defense and security, officials said.
When asked further about Chief Economic Advisor V Anantha Nageswaran’s claim that the pact with the US would be signed in March next year, Goyal said he was not aware of the comment and would not give a timeline.
“A deal will only happen if both parties benefit from it. And I don’t think we should ever negotiate with deadlines or hard stops because you tend to make mistakes,” Goyal said, limiting himself to noting that negotiations with the US are going well.
At a Senate Appropriations Subcommittee hearing in Washington on Tuesday, Greer said there is resistance in India to certain row crops and other meats and products. Row crops in the US include corn, soybeans, wheat and cotton.
“They were very tough nuts to crack, but they were quite progressive. The kind of offers they talked to us about were the best we’ve ever gotten as a country, so I think this is a viable alternative market,” he said.
These comments are important as both sides seek to finalize the first phase of the proposed bilateral trade deal.
The talks are important as the Trump administration has imposed steep tariffs of 50 percent on Indian goods entering US markets. The outcomes will also positively impact the trajectory of the rupee, which has recently devalued to a lifetime low and has also crossed the psychologically important 90 per dollar mark.
Indian industry and exporters are eagerly awaiting the conclusion of negotiations and the announcement of the deal as high tariffs are hurting their shipments to America.
Although they are exploring other markets to maintain their export profits, the US is an important destination for them as it accounts for about 18 percent of the country’s exports.
First, the US imposed a 25 percent tariff on Indian goods out of concern over the trade deficit with India, which stood at around $46 billion in 2024-25. India was later fined 25 percent for buying Russian crude.
India has stated that resolution of these tariffs would be critical to strengthening the first phase of the trade deal.
As part of the pact, the US is seeking duty concessions on agricultural products such as almonds, corn and apples, and industrial goods. India has strongly opposed concessions in the agriculture and dairy sectors. India has stated that it will not compromise the interests of farmers and MSMEs.
Published on December 11, 2025
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