Piyush Goyal, the Union Minister for Commerce and Industry, provided an update on the ongoing trade discussions between India and the United States, stating that they are progressing in a "cordial atmosphere." He emphasized that any agreement must prioritize the interests of Indian farmers, fishermen, and the MSME sector. Goyal remarked, "No agreement can be made until we take care of the interests of India’s farmers, fishermen, and MSME sector," highlighting the importance of these groups in the negotiations.

The talks aim to finalize a bilateral trade agreement that could more than double trade between the two nations to $500 billion by 2030, up from the current $191 billion. Goyal noted that discussions are constructive and ongoing, with a target to conclude the first phase of the agreement by October-November 2025.

Recent meetings have taken place, including a delegation led by Commerce Secretary Rajesh Agrawal in Washington, and Goyal's visit to New York last month. Despite the positive atmosphere, the negotiations face challenges, particularly due to U.S. demands for concessions in India's agriculture sector and the imposition of steep tariffs on Indian goods, including a 50% tariff and a 25% duty on Russian oil imports. India has criticized these tariffs as "unfair, unjustified, and unreasonable."

The U.S. remains India's largest trading partner, with bilateral trade valued at $131.84 billion in 2024-25, which includes $86.5 billion in exports. However, India's exports to the U.S. have seen a decline due to these tariffs, while imports have increased. Both countries are working towards a mutually beneficial agreement, with India maintaining its stance on key issues such as agriculture, MSMEs, digital trade, e-commerce, and intellectual property during the negotiations. Goyal assured that updates will be provided once a decision is reached.