Commerce minister Piyush Goyal reiterates Centre’s position on trade deals, says India will protect its interests amid Trump’s tariff blow
On 31st July 2025, Union Commerce Minister Piyush Goyal informed the Lok Sabha that India will prioritise and protect its interests while negotiating any bilateral trade deal. He said that the government is analysing the implications of the recent 25% tariff announcement by US President Donald Trump.
“In March 2025, India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025. On 2nd April 2025, the US President issued an executive order on reciprocal tariffs… 10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. A full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025,” Minister Goyal said.
Piyush Goyal told the Parliament that protecting the welfare of Indian farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector remains the top priority of the Central government.
“Government is examining the impact of the recent events. Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue. Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest,” the minister said.
From fragile five to a bright spot in the global economy: Piyush Goyal hails India’s economic growth trajectory as Trump calls Indian economy ‘dead’
The minister highlighted that within the last decade, India became the fastest-growing economy in the world, uplifting itself from being one of the fragile 5 economy. Minister Goyal attributed India’s economic rise to the contributions of its farmers and MSMEs. He said that India, through reforms and MSME’s and industry’s efforts are currently the 4th largest economy and will soon become the third largest economy.
“Today, global institutions and economists see India as a bright spot in the global economy…” he said.
Piyush Goyal’s remarks in the Lok Sabha came hours after Trump called India and Russia ‘dead economies’ in a post on Truth Social.
The commerce minister also stated that India contributes to 16% of global growth and that the Modi government has taken transformative measures during the decade to promote India as the manufacturing hub if the world through Make in India.
India looking for to signing more constructive and mutually beneficial FTAs
Besides, he pointed out that Indian exports have also increased during the last 11 years. In an increasingly protectionist world, India has signed mutually beneficial Free Trade Agreements with UAE, UK, Australia and European Free Trade Association (EFTA) nations, which include: Iceland, Liechtenstein, Norway, and Switzerland.
“We are also committed to similar trade agreements with other countries. We are successfully working for the welfare of farmers and Indian agriculture to promote prosperity and ensure food security The government is confident we will continue our fast paced journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047. Aatmanirbharta ki ore Bharat aatmavishwas se badh raha hai,” Goyal said.
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