India to Resume US Trade Talks After Tariff Clarity, Says Piyush Goyal

India to Resume US Trade Talks After Tariff Clarity, Says Piyush Goyal​

Trade Negotiations With US Put on Hold Amid Tariff Uncertainty​

New Delhi, February 24: Commerce and Industry Minister Piyush Goyal said on Tuesday that India will resume trade talks with the United States as soon as there is greater clarity on the tariff situation in the US.

Responding to a question on the timeline for restarting negotiations, Goyal said discussions would move forward “as soon as there is more clarity” regarding tariffs.

Earlier, on February 22, India and the US mutually agreed to reschedule a proposed meeting between their chief negotiators. The meeting, originally planned to be held in Washington this week, was aimed at finalising the text for an interim trade pact.

The Indian delegation was scheduled to begin a three-day round of talks in the US on February 23. However, the meeting has now been deferred, with both sides awaiting clearer policy signals on tariffs.

Government Reviewing Press Note 3 to Facilitate Investment​

Goyal also addressed concerns regarding investment restrictions imposed under Press Note 3, particularly in the context of attracting capital from neighbouring countries such as China.

Under Press Note 3, investments from countries sharing land borders with India, including China, require mandatory government approval across all sectors.

The minister noted that the measure was introduced to safeguard Indian businesses from opportunistic takeovers, especially during the pandemic when valuations were under pressure.

“This Press Note 3 was brought in to safeguard Indian industry and businesses from opportunistic takeovers,” he said, adding that the government remains open to reviewing its approach in light of evolving circumstances.

Calibrated Approach to Chinese Investments Under Consideration​

Speaking at Business Standard Manthan, Goyal said the government is in dialogue with industry stakeholders to understand concerns and explore ways to ease engagement with neighbouring countries where relations have improved.

He emphasised that investments from China are not banned but subject to an approval mechanism. The immediate priority, he said, is to speed up the approval process and make it more efficient.

“It may be a calibrated response. It may be step by step,” Goyal stated, indicating that any policy shift would be undertaken in consultation with domestic industry.

The government is also examining how to attract better technology and increased investment from China, while ensuring national and economic interests remain protected.

The minister reiterated that India remains open to change and responsive to new ideas, with a focus on strengthening value chain integration and facilitating technology-driven growth.