US, India trade pact to be finalised considering changing circumstances: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that the trade agreement between India and the United States (US) will be finalised considering changing circumstances since two countries announced a framework for an interim pact in February. He said India is also negotiating trade agreements with several countries and regional blocs, including Israel, Chile, the Gulf Cooperation Council (GCC) and the Russia-led Eurasian Economic Union (EAEU). He added that India is seeking lower tariffs for its goods in the US market than its competitors.
The minister did not elaborate on the changed circumstances, but the changing tariff landscape in the US has led to further negotiations on the first phase of the proposed India-US Bilateral Trade Agreement (BTA). Earlier this month, Goyal met US Trade Representative Jamieson Greer on the sidelines of G20 trade mister meeting in Milwaukee, where the two sides discussed trade pact-related issues.
Goyal said that negotiations for a trade pact with Canada are progressing at a faster pace and talks for an agreement with South Africa-led SACU group is expected to begin soon. He said several countries are keen to negotiate trade agreements with India, and added that talks with Mexico will be launched next week. He further said that the trade ministers of the UK and Canada will be visiting India next week. India and the UK implemented a trade agreement in July. He said the UK minister will be here for the India-UK Joint Economic and Trade Committee (JETCO) meeting.
