No trade deal under time pressure; national interest supreme, says Goyal on pact with U.S. -OxBig News Network

India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the U.S. only when it is fully finalised, properly concluded and in the national interest, Commerce Minister Piyush Goyal said on Friday.

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He also said that India was negotiating free trade agreements (FTAs) with different countries, including the European Union, New Zealand, Oman, Chile, and Peru.

FTAs are possible only when both sides get benefited and it should be a win-win agreement, he told reporters when asked about the proposed interim trade agreement with the U.S.

“National interest should always be supreme. Keeping that in mind, if a deal is made then India is always ready to deal with developed countries,” Mr. Goyal said.

When asked if an interim trade agreement between the two countries was possible by July 9, he said, “India never does any trade deal based on deadline or time frame. When the deal is done properly, and is completely finalised and is in the country’s interest, then we will accept it”.

July 9 marks the end of the 90-day suspension period of the U.S. President Donald Trump-announced tariffs imposed on dozens of countries, including India. An additional import duty of 26% was announced on Indian goods entering the U.S..

He added that at present, there was no plan to visit Washington for the trade talks.