The mango that broke a market
It is peak mango season in India. The Alphonso harvest is at its richest, the Kesar at its most fragrant.
India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year, said the Commerce and Industry Minister Piyush Goyal on Tuesday. He stated that “a little bit” of geopolitical issues overshadowed the trade matters in the talks of a pact between the two countries.
“I do hope that things will get back on the course again and we will achieve a bilateral trade agreement by the fall, November or so, as was discussed by our two leaders in February,” Goyal said at the Annual Global Investor Conference 2025 in Mumbai.
Advertisement
He added that the world is excited to expand trading and business relations with India.
Advertisement
“We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America,” he further said.
India has already inked free trade agreements with Australia, the UAE, Mauritius, the UK and the four European nations bloc EFTA, he said.
The minister apprised that we are in dialogue with the US on BTA and there “a lot more” to come with relations with Washington, he stated.
The sixth round of India-US talks on a bilateral trade agreement (BTA) has been put on hold after Washington slapped a steep 50% duty on Indian goods from August 27. A US delegation was expected in New Delhi on August 25, but the visit was deferred, and no fresh dates have been announced yet.
Both countries had earlier planned to wrap up the first phase of the BTA by this fall, with an ambitious target of doubling bilateral trade in goods and services to $500 billion by 2030, up from the current $191 billion.
Amid rising tensions, US Treasury Secretary Scott Bessent struck a cautiously optimistic note, saying India and the US are “two great countries” that will eventually resolve their differences. However, he also criticised India’s continued imports of discounted Russian oil, accusing New Delhi of indirectly financing Moscow’s war in Ukraine. Speaking to Fox News, Bessent argued that India’s values are “closer to the US and China than to Russia,” while dismissing the Shanghai Cooperation Organisation (SCO) summit in Tianjin as “largely performative.”
India, for its part, has rejected Washington’s criticism, asserting that its energy purchases are guided by national interest and market realities. New Delhi has also denounced the fresh tariffs as “unjustified and unreasonable.”
Commerce Minister Piyush Goyal acknowledged the uncertainty in global markets but struck an upbeat tone, calling it a “half-full glass” moment with new opportunities for Indian industry.
On the trade front, Goyal also said talks with the European Union are “making very active and significant progress.” Commerce Secretary Sunil Barthwal is currently in Brussels for discussions, with the 13th round of negotiations set to begin in New Delhi on September 8. European Trade Commissioner Maros Sefcovic will visit India on September 12 to review progress, as both sides push to seal the free trade agreement before the year-end deadline.
Advertisement
