Hope to be back on track, clinch deal with US by November: Goyal

As of date, no new round of talks has been announced by either side after US negotiators deferred their visit to New Delhi that was expected to take place August 25. Government officials have also said that the removal of 25 per cent additional tariffs on India over its purchase of Russian oil is key to resuming negotiations for a trade deal with the US.

Goyal’s comments came a day after President Donald Trump, in a post on Truth Social, said India has “now offered to cut their tariffs to nothing, but it’s getting late”. Calling India-US trade “a totally one-sided relationship”, Trump criticised India for buying most of its oil and military products from Russia and “very little from the US”.

On trade uncertainties, Goyal said this is a time full of volatility around the world. “But it is a story of a half-full glass,” he said, adding that all these issues bring a lot of opportunities for businesses.

“We recognise that there is tremendous global turbulence and we are living in volatile, uncertain times, full of trepidations about the future,” he said. The government, he said, is working to further strengthen the economy.

Meanwhile, US Treasury Secretary Scott Bessent, in an interview with Fox News, called the Shanghai Cooperation Organisation – the SCO summit in Tianjin, hosted by Chinese President Xi Jinping, was attended among others by Prime Minister Narendra Modi and Russian President Vladimir Putin – as being largely performative.

“I think at the end of the day, India is the most populous democracy in the world. Their values are much closer to ours than to China’s or Russia’s. I think at the end of the day, two great countries (India and the US) will get this solved.”

On China, Goyal said India-China relations are gradually moving towards normalcy following easing of border tensions between the two countries.

“We had a problem in Galwan, due to which we had a blip in the relationship. As the border (standoff issue) gets resolved, I think the situation getting back to normal is a very natural consequence,” Goyal said at the industry event.

This assumes significance as the domestic industry is urging the government to ease FDI norms to attract more investments from China. The Economic Survey has also suggested drawing in Chinese investments amid rising imports from China.

India had issued Press Note 3 (PN3) in April 2020, which required that FDI applications from countries sharing land borders, such as China, must mandatorily seek government approval for all sectors.

On the India-EU free trade agreement, Goyal said talks are at an advanced stage. “We are making very active and significant progress,” he said, adding that Commerce Secretary Sunil Barthwal is in Brussels for talks with EU officials on the pact. The 13th round of negotiations between India and the EU will begin here on September 8.

Goyal reiterated India’s commitment to Aatmanirbhar Bharat – not by closing doors to international engagement, but by building resilient supply chains to avoid dependency on any one geography.

He cited the government’s push for manufacturing in key sectors including drones, semiconductors and CRGO steel, noting growing commitments by Indian industry and buyers to source domestically.

Speaking on sustainability, Goyal asked the industry participants to support energy efficiency and renewable energy, citing examples such as LED bulbs and 5-star appliances. He stressed quality manufacturing that neither harms the environment nor compromises standards.