India to get preferential access in US market under trade pact: Piyush Goyal
Cairo/New Delhi, Nov 15 India has secured an assurance from the United States that Indian goods will enjoy preferential market access in the American market compared to competing countries under the proposed bilateral trade agreement, Commerce and Industry Minister Piyush Goyal said on Sunday.
Speaking to reporters during his two-day visit to Egypt, Goyal said the understanding was already reached at the leadership level when Prime Minister Narendra Modi and US President Donald Trump agreed on a broad framework for strengthening bilateral trade ties.
"This was already agreed between the leaders - President Trump and Prime Minister Narendra Modi when they announced that we have both come to a broad framework agreement a few months ago, and it has been acknowledged that India will get preferential trade access in the US with lower duties than our competitor countries," Goyal said.
India and the US had finalised the framework for the first phase of the bilateral trade agreement in February, with both sides aiming to deepen economic engagement and expand market access.
However, the signing of the initial tranche has been delayed as the two countries continue negotiations amid changes in the US tariff regime.
The minister's remarks come days after a senior government official said Washington had assured New Delhi of a comparative tariff advantage over competing nations under the proposed agreement.
The two sides are currently working towards concluding the first tranche of the pact by the end of the current financial year.
According to the official, discussions are continuing both on the first tranche and the broader bilateral trade agreement, while the final extent of tariff concessions and competitive advantages for Indian exports will depend on the framework eventually agreed upon.
Trade negotiations have gained added significance after the US Supreme Court struck down the Trump administration's reciprocal tariffs that had formed the basis of earlier discussions.
Following the ruling, the US has been exploring alternative mechanisms under provisions of the Trade Act to develop a new tariff architecture.
Goyal is currently in Egypt to hold discussions aimed at enhancing bilateral trade and investment ties, even as India pursues trade negotiations with several key partners, including the United States.
— IANS
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