India to have one of the best trade deals with US in every respect: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that India will have one of the best trade deals with the US in every respect. He said that India has negotiated a very good set of outcomes with the US in the pact. He said ‘nations that make the same products and are at a similar level of development, like India. We will have the most preferred market access in the US post the deal in products of our interest.’ When asked about a timeline for concluding the agreement, he said discussions were ongoing and several factors would determine the outcome.
Talking about the visit of the US officials, he said that ‘it was mainly a discussion with the customs authorities. The Deputy Chief Negotiator had come for discussions with the customs department on one track.’ On the impact of India's trade pact on exports, he said ‘it's too early to tell because, as you are aware, the 'mother of all deals', the EU agreement is not yet operational. The US will take some time before it comes into effect’. Describing the country as a trusted global trade partner, he said that Guatemala and Ecuador too had expressed interest in negotiating separate trade agreements with India. He said ‘India today is looked upon as the trusted partner of the world. Otherwise they would not be wanting to do trade agreements with India. They would not be looking to India as a part of their global value chains.’
Meanwhile, a two-member team of US officials visited earlier this month for talks on trade and customs facilitation issues. Both sides are in regular touch on the finalisation of the first phase of the bilateral trade agreement (BTA). India and the US had finalised a framework for the first phase of their bilateral trade agreement (BTA) in February. However, changes in the US tariff regime have necessitated further negotiations. India is seeking lower tariffs for its goods in the US market than its competitor nations such as Bangladesh, Vietnam and Cambodia. These remarks assume significance as US President Donald Trump suffered a crushing defeat in the mid-term elections.
