The U.S. should sign the free trade agreement with India on the “dotted lines” if Washington is happy with what has been offered by New Delhi, Commerce and Industry Minister Piyush Goyal said on Thursday (December 11, 2025).
Mr. Goyal welcomed the Trump administration’s views on India’s offer, but refrained from giving a deadline for the signing of the long-awaited free trade agreement between the two nations.
The Minister was reacting to a comment by U.S. Trade Representative Jamieson Greer in Washington, who said that the U.S. has received the “best ever” offer from India.
“His happiness is very much welcome. And, I do believe that if they are very happy, they should be signing on the dotted lines,” Mr. Goyal told reporters in Mumbai.
He, however, declined to specify India’s offer to the U.S.
The Minister said there have been five rounds of negotiations with the U.S. on the trade deal, and added that U.S. Deputy Trade Representative Rick Switzer’s ongoing visit to India is not centred around negotiations.
Mr. Switzer’s visit to India, his first since taking over three months back, is an effort at getting to know each other well, Mr. Goyal said, adding that he had “substantial discussions” with the visiting official.
The two-day talks between the U.S. delegation led by Mr. Switzer in New Delhi were concluded on Thursday. They have held talks with the Indian team led by Commerce Secretary Rajesh Agrawal.
The two sides have exchanged views on matters related to India-U.S. trade and economic ties, including on the ongoing negotiations for a mutually beneficial bilateral trade agreement (BTA).
Meanwhile, Prime Minister Narendra Modi on Thursday held a telephonic conversation with U.S. President Donald Trump that focused on enhancing economic ties at a time when the two countries are eyeing a trade deal.
The two leaders exchanged views on expanding cooperation in trade, critical technologies, energy, defence and security, officials said.
Further, when asked about Chief Economic Advisor V. Anantha Nageswaran’s assertion that the pact with the U.S. would be signed in March next year, Mr. Goyal said he is not aware of the comment and refrained from putting any timeline.
“A deal is only done when both sides stand to benefit. And I don’t think we should ever negotiate with deadlines or hard stops because you tend to make mistakes then,” Mr. Goyal said, limiting himself to saying that negotiations with the U.S. are progressing well.
Speaking at a Senate Appropriations Subcommittee hearing on Tuesday in Washington, Greer said there is resistance in India to certain row crops and other meat and products. Row crops in the U.S. include corn, soybeans, wheat and cotton.
“They have been very difficult nuts to crack…but they have been quite forward leaning….the type of offers that they have been talking to us about …have been the best we have ever received as a country, so I think that is a viable alternative market,” he said.
These remarks are important as both sides are trying to conclude the first phase of the proposed bilateral trade agreement.
The talks are important as the Trump administration has imposed steep 50% tariffs on Indian goods entering American markets. The outcomes will also have a positive influence on the trajectory of the rupee, which has depreciated to lifetime lows lately and also breached the psychologically important 90-to-a-dollar mark.
The Indian industry and exporters are eagerly waiting for the conclusion of the negotiations and announcement of the deal, as the high import duties are hurting their shipments to America.
Though they are exploring other markets to maintain their export profits, the U.S. is a key destination for them as it accounts for about 18% of the country’s exports.
First, the U.S. imposed a 25% duty on Indian goods, stating trade deficit concerns with India, which stood at around $46 billion in 2024-25. An additional 25% penalty was imposed later on India for buying Russian crude.
India has stated that the resolution of these tariffs would be key to firming up the first phase of the trade deal.
As part of the pact, the U.S. is seeking duty concessions on agri products like almonds, corn and apples, and industrial goods. India has strongly opposed any concessions on the agri and dairy sectors. India has stated that it will not compromise the interests of farmers and MSMEs.
Published – December 12, 2025 06:51 am IST
