Union Commerce and Industry Minister Piyush Goyal clarified India’s position on the bilateral trade agreement with America. He said India will complete the deal only when the US provides better and preferential tariff benefits compared with competing countries.
The comparison includes nations like Vietnam, Bangladesh, and China. During a free trade agreement event, Goyal said India will finalise the BTA after receiving suitable tariff advantages. He added that both countries will announce the final details after reaching this condition.
India plans more trade agreements worldwide
Piyush Goyal said India’s completed free trade agreements create major export opportunities for domestic businesses. Additionally, he stated that India plans trade agreements with Canada, Mexico, Chile, Mercosur, SACU, GCC, and Israel in upcoming months or years. Mercosur is a major economic and trade organisation in South America. Meanwhile, SACU represents the Southern African Customs Union, and GCC refers to the Gulf Cooperation Council involving six West Asian countries.
Goyal’s US visit may discuss trade negotiations
Goyal’s statement comes as reports highlight his upcoming visit to America. US Ambassador to India Sergio Gor said Goyal will travel to the US later this month.
During the visit, Goyal will participate in the G20 trade ministers meeting. Furthermore, he will discuss ongoing bilateral trade agreement negotiations between India and America. Gor said both nations are working together to strengthen trade relations. He also mentioned that negotiations have achieved significant progress.
US-India ties extend beyond trade
Sergio Gor said both governments are working towards fair, balanced, and mutually beneficial trade relations. He explained that cooperation between India and America goes beyond goods trade. Moreover, he highlighted the Pact Silica declaration signed earlier this year.
According to Gor, the declaration aims to build a regulatory framework that encourages innovation. It also promotes cross-border investments by Indian and American companies. He added that the initiative will help entrepreneurs and future businesses grow in both countries.
