A government official said India and the US are exploring an interim trade deal within 90 days.
Commerce and Industry Minister Piyush Goyal on Friday indicated that the government was not inclined to show undue haste to conclude a trade deal with the US as it never negotiates at gunpoint.
"I have said it many times before that we do not negotiate at gunpoint.
"Time restrictions are good as they encourage us to talk swiftly, but until we are able to protect the interests of the country and people, it is never good to be hasty," Goyal said on the sidelines of an event in New Delhi, when asked about the progress of the proposed Bilateral Trade Agreement (BTA) between India and the US.
Later, speaking at the 9th Global Technology Summit here, the minister said India's current tariff protection measures are primarily directed at non-market economies that engage in unfair trade practices.
"India is well-positioned to engage in bilateral partnerships with countries that value reciprocity, trust, and fair play," Goyal said.
Meanwhile, a government official said India and the US are exploring an interim trade deal within 90 days, focusing primarily on tariffs, provided the outcome is a 'win-win' for both nations.
US President Donald Trump has paused country-specific reciprocal tariffs for 90 days, except for China, forcing countries to expedite bilateral trade negotiations with Washington.
In February, Prime Minister Narendra Modi and President Trump announced their intention to finalise the first phase of a mutually beneficial, multi-sectoral BTA by the fall of 2025.
Both sides started discussions on the deal last month.
However, officials believe wrapping up the first tranche of the BTA discussions within the 90-day window may not be feasible.
"We are in continuous engagement (with the USTR team). A lot of discussion will be on video conference. There could be some visits both ways."
"A lot of possibilities are there to finalise low hanging fruits. A lot of possibilities are there to finalise the form and shape of the BTA," the official cited above said, adding that the terms of reference or the scope of the deal have been finalised.
Last week, the US announced country-specific reciprocal tariffs ranging from 10 per cent to 50 per cent on imports from several countries.
As much as 26 per cent reciprocal tariff was imposed on India.
Currently, a 10 per cent ad valorem tariff, over and above the existing most-favoured nation (MFN) rate, continues on American imports.
"The work has started. India is far ahead of other countries in negotiating a trade deal," official said.
An official statement said the Department of Commerce and the Directorate General of Foreign Trade (DGFT) are actively tracking developments, particularly tariff changes imposed by the US, import surges or dumping, and export-related challenges.
The DGFT has operationalised a dedicated 'Global Tariff and Trade Helpdesk' to assist stakeholders in navigating emerging trade issues.
"Given the evolving trade landscape and the introduction of various tariff and counter-tariff measures, there may be both new export opportunities and heightened import pressures from specific countries or product sectors.
"Exporters and importers experiencing such shifts are encouraged to share their inputs and suggest potential support measures," the statement said.
The helpdesk will collate trade-related issues concerning other ministries and state governments and will coordinate to seek their support and provide possible resolutions.
Feature Presentation: Ashish Narsale/Rediff.com
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