Commerce and industry minister Piyush Goyal expects ‘fair and equitable’ US trade agreement

With a wave of optimism, Piyush Goyal, India’s Commerce Minister, highlighted the promising discussions surrounding a trade partnership with the United States. As both sides strive to wrap up the first segment of the deal by autumn, the importance of this relationship is underscored, especially as the US remains India’s foremost export market.

Gibraltar is on a mission to strengthen its business ties with India. With the recent establishment of an agreement with the European Union, local authorities believe the region is primed for unprecedented economic engagement. They plan to leverage the vibrant Indian Gibraltarian community to enhance trade and cultural interactions.

India is calling on developing and least developed nations to unite. They must address global trade challenges like tariff barriers and environmental restrictions. Minister Piyush Goyal emphasized the need for a collective voice on issues impacting all. This includes critical minerals access and supply chain management. India is bridging the technological divide.

Prime Minister Modi and President Trump’s recent call has boosted trade deal hopes, though finalising it remains challenging. Negotiations are intense, with potential tariff reductions on Indian exports. While Trump claimed discussions on Pakistan and Russian oil, sources deny Pakistan was mentioned, and Trump softened his stance on oil imports.

India and the European Union are pushing to finalize a trade agreement. Commerce Minister Piyush Goyal met with EU Trade Commissioner Maros Sefcovic to resolve pending issues. Goyal will visit Brussels next week to accelerate negotiations. Both sides aim to conclude talks by December. This pact could boost trade in goods and services.

India has strongly opposed a China-led proposal at the WTO for an investment facilitation agreement, citing systemic and legal concerns. New Delhi argued that supporters attempted to pressure members rather than engage meaningfully.

The government is launching inspection drives to ensure compliance with new edible oil regulations, mandating registration and monthly production data submission for manufacturers, processors, and distributors. This move aims to enhance oversight of the sector vital for national food security and enable real-time monitoring for improved policy interventions.

President Trump stated he discussed trade and energy with Indian Prime Minister Modi, who assured him India would limit oil purchases from Russia. This comes as Trump pressures Moscow to end the Ukraine war, with India being a major buyer of Russian crude.

India is actively pursuing a trade deal with the Eurasian Economic Union, aiming to boost its exports to Russia. Bilateral trade has seen a significant rise, with India’s shipments diversifying beyond traditional sectors like machinery and pharmaceuticals to include aluminum and apparel. The nation is also exploring opportunities to export marine and farm goods.

August saw a slight fall in India’s coal imports compared to the previous year, with the April to August period reflecting an overall decrease. Non-coking coal imports took a hit, whereas coking coal demand showed an upward trend.