India Seeks Mutually Beneficial Trade Agreements at G20 Meet

: Union Commerce and Industry Minister Piyush Goyal on Thursday (October 1) said he met European Commissioner for Trade and Economic Security Maros Sefcovic on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee to review progress on the India-European Union free trade agreement (FTA) and the India-EU Trade and Technology Council. “Reviewed progress towards the signing and entry into force of the India-EU FTA . Also exchanged views on progress under the India-EU Trade and Technology Council, meaningful WTO reform and shared G20 priorities,” Goyal said in a post on X. Good meeting my friend, Mr. @MarosSefcovic , European Commissioner for Trade and Economic Security, on the sidelines of the G20 Trade Ministers’ Meeting. Reviewed progress towards the signing and entry into force of the India-EU FTA. Also exchanged views on progress under the… pic.twitter.com/dskATcUf8S — Piyush Goyal (@PiyushGoyal) October 1, 2026 The meeting comes after India and the EU wrapped up detailed negotiations for the trade accord on January 27 this year, ending nearly 17 years of talks that began in 2007, were stalled for long periods, and were officially relaunched in 2022. Earlier this month, the European Commission formally transmitted the text to the EU Council to seek authorisation for signature and final conclusion. Minister of State (MoS) for Commerce and Industry Jitin Prasada had earlier said the bilateral trade agreement, finalised after almost 17 years of diplomatic engagement, is expected to open up key opportunities for trade and investment. Prasada emphasised that advanced technology transfers, strong domestic manufacturing ecosystems and the integration of artificial intelligence (A I) would be foundational pillars for India’s next phase of industrial expansion. He added that international companies investing in India should actively support indigenous manufacturing infrastructure and technological capabilities through joint ventures and knowledge sharing. Highlighting the need to improve the quality of Indian goods to meet international standards, he said broader commercial integration would help boost export volumes. “Wider technological adoption and artificial intelligence integration would substantially enhance workplace productivity and lower operating expenditures, particularly for micro, small, and medium enterprises (MSMEs),” Prasada said. On the sidelines of the G20 meet, Goyal also held discussions with US Trade Representative Jamieson Greer as part of ongoing efforts to advance an India-US Bilateral Trade Agreement (BTA) . “Met USTR Jamieson Greer, @USTradeRep, on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee. Had a productive discussion with USTR Greer towards early conclusion of a mutually beneficial interim agreement under the India-US Bilateral Trade Agreement. We also exchanged views on G20 deliberations under US Chairship,” Goyal said. The two officials met on Wednesday (September 30), the same day Prime Minister Narendra Modi and US President Donald Trump spoke by phone and reviewed progress across trade, defence, energy, critical technologies and other areas. Ahead of the visit, the Commerce Ministry said Goyal would engage with his US counterpart to advance a “balanced and mutually beneficial” BTA and finalise an interim deal in line with the Joint Statement of February 7, 2026. Addressing the status of negotiations on September 24, Goyal said the trade pact between India and the US is “done and dusted” and will be executed once the United States gives India the right competitive advantage over its competitors in the American market. India’s main regional competitors in the US market include China, Bangladesh and ASEAN countries. At the G20 Trade Ministers’ Meeting session on “Weaponization of Food through Coercive Trade Action”, Goyal called for food to remain a source of security, stability and cooperation. “Highlighted that our shared objective must be to ensure that food remains a source of security, stability and cooperation. Also, underlined that we must clearly distinguish between the weaponisation of food supply chains and legitimate measures adopted by countries to pursue domestic policy objectives and address food-security needs,” Goyal said. India has said it will work with G20 members to advance a rules-based, open, inclusive, transparent and non-discriminatory multilateral trading system, with the World Trade Organisation (WTO) at its core, while seeking adequate policy space for developing countries. The US, hosting the 2026 G20, has placed issues such as food trade, global supply chains, the WTO’s Most-Favoured-Nation (MFN) principle and structural excess capacity on the ministerial agenda. Opening the G20 trade ministers’ meeting, Greer joked that Goyal was the “trade minister for life”, before outlining the US priorities for its G20 presidency: the “weaponisation” of food, structural excess industrial capacity, the MFN principle and forced labour in supply chains. Greer said the MFN rule, which requires countries to offer the same trade terms to all partners, is a cornerstone of the system but should be re-examined when applied unconditionally, as it can limit countries’ ability to respond to distortive policies and changing market conditions. On excess capacity, he noted that G20 leaders pledged to tackle the problem in 2016, and ten years on, it remains a major distortion. He said the US had acted over the past year, using tariffs and bilateral deals to cut its trade deficit and make supply chains more resilient. During a session of the Global Forum on Steel Excess Capacity, participating nations endorsed a fresh framework targeting overproduction. Greer said the “Milwaukee Framework” would seek stronger coordinated action against excess capacity, including trade remedies, monitoring of steel supply chains and enhanced scrutiny of transhipment. When asked if countries had agreed to increase tariffs on Chinese steel, Greer replied that individual governments would decide their own course. “Well, every country will do what they think is appropriate,” Greer said. “We want to coordinate those measures. The United States has taken robust measures, and it probably makes sense for other countries to do that too.” Ahead of the formal ministerial discussions, Goyal met CEOs and senior executives of American manufacturing and technology firms at a roundtable hosted by the National Association of Manufacturers. He urged American manufacturers to deepen their footprint in India, collaborate with small and medium enterprises, and explore co-investments geared towards advanced manufacturing and resilient supply chains. He said the economic partnership was broadening beyond traditional commerce to include investment, manufacturing, technology, innovation and supply-chain resilience. The Milwaukee meetings also saw parallel bilateral discussions. Canadian International Trade Minister Maninder Sidhu is attending the sessions and is slated to meet Greer and the Indian representative as Ottawa pursues an economic partnership agreement. Russia, Japan and other major economies are also represented. The G20 unites major developed and emerging economies and serves as a key forum to address frictions over trade, industrial policy and supply chains ahead of the G20 leaders’ summit scheduled to be hosted by the United States later this year.