Overview
- Commerce Minister Piyush Goyal said in Berlin that India does not do trade deals in a hurry or with deadlines, declaring it will not accept a pact “with a gun to our head.”
- Talks with the United States are described as progressing, with five negotiation rounds completed and a recent Indian delegation led by Commerce Secretary Rajesh Agrawal in Washington.
- The United States has imposed layered tariffs on Indian goods totaling roughly 50%, including a 25% penalty tied to purchases of Russian crude, which New Delhi has termed unfair.
- India’s goods exports to the US fell 11.9% year-on-year in September, the first full month under the higher tariff regime, according to Commerce Ministry data reported this week.
- New Delhi is evaluating the tariff impact, pursuing alternative markets, and continuing parallel negotiations on an EU free trade agreement.