Commerce and Industry Minister Piyush Goyal on Monday denied reports that India had refused to move ahead with a “quick trade agreement” with the United States. The minister said bilateral trade negotiations remain on course. Rejecting a Reuters report as “completely false, baseless and misleading”, Goyal posted on X that both sides continue to work toward a balanced and commercially meaningful deal.
“This news is completely false, baseless and misleading. I had fantastic meetings with USTR Jamieson Greer when he visited Delhi in June. Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries. Our teams remain fully engaged in achieving this objective,” he posted.
His statement came in response to a Reuters report, which cited officials and analysts as saying that India had declined to pursue a quick interim trade agreement with Washington and was instead seeking more favourable terms. According to the report, New Delhi is unwilling to compromise on sensitive sectors, particularly agriculture, while negotiations continue.
An Indian official quoted by Reuters said, “Our position is clear. We don’t intend to rush into a deal that is not on favourable terms or compromise on red lines like ceding ground on agriculture.”
A day after meeting Jamieson Greer in June, Goyal had also indicated that India would move ahead with a trade agreement only if it offered clear advantages to the country, stressing that New Delhi was under no pressure to conclude negotiations quickly.
India’s economic position
According to Reuters, analysts believe India’s stronger economic position has enhanced its negotiating leverage. In FY26 (up to November 2025), bilateral trade between India and the US reached $94.39 billion, with the US remaining India’s largest export destination and fourth-largest import partner. During the period, India recorded a trade surplus of $23.59 billion with the US.
India has also widened its trade engagement with other key partners. The India-UK Free Trade Agreement is set to take effect this month, while negotiations for a trade pact with the European Union are expected to conclude early next year. These FTAs will provide New Delhi with greater flexibility in its global trade strategy.
