India-US Trade Deal: Why Advanced Talks Signal a Major Breakthrough

Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal stated during a weekly media briefing here that the trade deal talks between New Delhi and Washington are on. "Both governments -- the United States and India -- continue to remain engaged with a view to concluding a fair, balanced, and mutually beneficial bilateral trade agreement," he said.

Earlier this week, Commerce and Industry Minister Piyush Goyal said that India and the US are in the advanced stages of negotiating a bilateral trade agreement.

Goyal told journalists that India has already finalised free trade agreements with three members of the Five Eyes (FVEY) intelligence alliance -- Australia, the UK, and New Zealand. The US and Canada comprise the other two members of the grouping.

Goyal's optimistic note comes against the backdrop of the talks held by Indian officials with the US delegation led by Deputy Trade Representative Rick Switzer in Delhi earlier this month. Commerce Secretary Rajesh Agrawal had also said earlier that India is "very close" to finalising an initial framework deal with the US aimed at lowering reciprocal tariffs.

Meanwhile, Jaiswal stated during the weekly briefing that the India-EU FTA negotiations are also progressing well.

"The last round -- the 14th round of negotiations -- was held in Brussels in October. Thereafter, a team visited India, and this month, in December, the EU Trade Commissioner was also here to discuss other outstanding issues. Both sides remain engaged, and we will see how we can take forward the ongoing discussions on the India-EU FTA," he noted.

There are reports that European Commission President Ursula von der Leyen and European Council President Antonio Costa will be the chief guests at India's Republic Day celebrations on January 26. Their visit will coincide with the India-EU Summit, where discussions are expected to centre on the proposed Free Trade Agreement (FTA).

- IANS