India will never make a trade deal based on a timeline: Piyush Goyal

Amid speculations of an interim trade deal between India and the US expected in the next 2-3 days, Union Minister of Commerce & Industry Piyush Goyal said on Friday that India will never make a trade deal based on a timeline.

His comments came in the backdrop of US President Donald Trump's July 9 deadline ending soon, following which his administration will start imposing trade penalties on countries with which the US has not entered into a trade pact yet.

Speaking to reporters on the India-US trade deal today, Goyal, as quoted by news agency ANI, said: "India discusses on its terms and we never make a trade deal based on a timeline; when the deal is good, fully matured, and in the national interest, then we accept it."

He reiterated that India is in discussions with various countries on trade agreements. "Whether it is the European Union, New Zealand, Oman, the United States, Chile, or Peru, negotiations for agreements are underway with many countries. A free trade agreement happens only when there is mutual benefit."

He asserted that the deal is made while safeguarding India's interests. "...keeping in mind that national interest will always remain paramount, then India is always ready to make deals with developed countries," the minister said, as reported by the news agency.

Goyal's comments come after a high-level Indian delegation, which was led by chief negotiator Rajesh Agrawal, returned from the US following extensive talks with US representatives from June 26 to July 2.

As part of the negotiations, India has pressed for safeguards for labour-intensive segments of the economy, sources told Fortune India. India is unlikely to offer full market access in agriculture and dairy to US firms, they said. This comes hours after US President Donald Trump said that the upcoming trade deal between India and the US is going to be of a “different kind” with “much less tariffs.”

Trump had earlier said that he does not intend to extend the 90-day suspension on tariffs for most countries after July 9. He said his administration will inform countries that trade penalties will be enforced if agreements with the United States are not reached.

On April 2, Trump introduced a wide-ranging set of tariffs under a “reciprocal tariff” framework, which included an additional 26% duty on Indian goods entering the U.S. However, a week later, on April 9, the U.S. administration granted a 90-day postponement for most of these tariffs, reverting temporarily to a flat 10% rate for nearly all impacted nations.

Besides, speaking at the 16th International Toy Biz Exhibition today, the Union Minister said the government is planning to introduce a new promotional scheme for the toy sector. The scheme, he explained, will aim to help Indian toy manufacturers become world-class by enhancing design capabilities, ensuring quality manufacturing, strengthening packaging, and supporting brand building.