October 19, 2025

Big news from the trade desk! Commerce and Industry Minister Piyush Goyal on Saturday announced that talks between India and the US for a bilateral trade agreement (BTA) are moving along in a "cordial atmosphere." He made it clear that India’s farmers, fishermen, and MSME sectors won't be left behind. Goyal told a lively GST Bachat Utsav conference, "I believe the talks are progressing in a very cordial atmosphere and I have said many times that free trade agreements or trade talks are never based on deadlines. There is no agreement unless we fully address the interests of the nation— India’s farmers, India's fishermen, India's MSME sector." What’s cooking? Indian trade negotiators, led by commerce secretary Rajesh Agrawal, recently met their US counterparts in Washington to discuss terms. The US currently charges hefty 50% tariffs on many Indian goods. Both countries aim to wrap up the BTA’s first phase by fall 2025, and so far, five rounds of talks are behind them. Goyal expressed confidence despite global uncertainties caused by these stiff US tariffs. He highlighted India’s export resilience, saying, "The first six months’ exports, despite all these uncertainties, have grown by about 6-7% overall. And even in merchandise, we have seen the growth story of India in the first six months." In fact, India's goods exports grew by 6.7% year-on-year in September! The minister added, "There is resilience, there is confidence. There is demand for our goods and services across the world, and India will continue on this growth trajectory, and we are confident we will end the financial year 2025-26 with positive growth in India’s exports." Switching gears, Goyal addressed concerns about e-commerce firms not passing GST rate cuts to customers. He said, "Most have passed it on and above that they have announced cash bonuses and discounts also. But if any site or platform has not passed on the benefits ...consumer affairs (department) can take action." With all this action happening, India’s trade scene is heating up! Will the BTA bring a new wave of business joy? Only time will tell, but one thing’s clear — India is firm on protecting its own while growing big in the global market.

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Tags: India-us trade, Bilateral trade agreement, Piyush goyal, Exports growth, Gst rate cut, Trade talks,