Trade talks with US in final stage, India to get competitive edge: Piyush Goyal
New Delhi, July 2
The India-US bilateral trade agreement talks have entered the final stage, with most key issues having been sorted out and both sides working towards a deal that gives New Delhi an advantage over its competitors, Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at the NDTV Indo-Japan Strategic Dialogue, Goyal said he does not foresee any major hurdles in concluding the US trade agreement despite recent legal and policy developments in Washington.
"We don't see any difficulties with the US," Goyal said, adding that "concessions and other elements have largely been finalised." He said India has consistently sought preferential market access over competing nations, a position that has been understood by the US administration.
Following the US Supreme Court's decision to strike down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), Goyal said Washington is now working on an alternative mechanism that would preserve India's competitive advantage. He added that US Trade Representative (USTR) Jamieson Greer has acknowledged India's position during the negotiations.
Despite higher tariffs, India's exports to the US have remained resilient. Goyal said bilateral trade has continued to grow and projected that India's merchandise exports in the April-June quarter will rise about 15 per cent year-on-year.
Goyal further stated that the India-UK Free Trade Agreement (FTA) will take effect on July 15, opening up new opportunities for Indian exporters.
Besides, the legal scrutiny of the India-European Union Free Trade Agreement is expected to conclude within 10 to 12 days, after which it will move through the approval process, he added.
The minister expressed confidence that the free trade pact would come into force before the end of the year, as all 27 EU member states support the agreement and no country has opposed the negotiations.
He also highlighted the strategic importance of Japan in India's economic ambitions. While investment has historically been the cornerstone of bilateral ties, the minister said the next phase of the relationship should focus on expanding trade, technology partnerships and skilled workforce mobility, as Japan is a key partner in India's long-term growth strategy.
— IANS
Reader Comments
This is excellent! Piyush Goyal has been doing a commendable job negotiating these agreements. The India-UK FTA starting July 15 is a big win. Our exports growing 15% in the April-June quarter shows Indian manufacturing is truly competitive. Jai Hind! 🇮🇳
All this sounds good on paper, but let's see how it actually benefits small businesses and farmers on the ground. Trade agreements often help big corporates more. I hope the government also focuses on protecting domestic industries and creating jobs for our youth.
Interesting developments! As an American following Indian trade policy, I'm curious how the US will create an alternative mechanism after the Supreme Court's IEEPA ruling. India getting preferential market access could reshape supply chains. Smart move by India to strengthen ties with Japan too.
Good that they're finalising things, but I worry about our agricultural sector. Cheap imports could hurt our farmers. Need strong safeguard clauses and support for MSMEs. Also, why is there no mention of data privacy or digital trade rules in these deals? That matters for IT sector.
Proud moment! India is truly emerging as a global trade powerhouse. The fact that all 27 EU members support the FTA is remarkable — shows our diplomatic strength. And Japan partnership? Absolutely crucial for technology and infrastructure. Well done, Team India! 👏🇮🇳
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