Commerce and Industry Minister Piyush Goyal said the India-US interim trade agreement framework announced in February will now be finalised after taking changed circumstances into account. India is also negotiating trade agreements with several other countries and regional blocs.
New Delhi, October 10 — Commerce and Industry Minister Piyush Goyal has said that the proposed India-US trade pact will be finalised while keeping the changed circumstances since February in mind. India and the US had announced a framework for an interim trade agreement earlier this year.
Goyal said some circumstances have changed since the February announcement and the final agreement will reflect those developments. He did not specify what those changes were, but the report noted that shifts in the US tariff landscape have led to further discussions on the first phase of the bilateral trade agreement.
India is seeking lower tariffs for its goods in the US market compared with competing countries, as negotiations on the bilateral trade agreement continue. Goyal had also met US Trade Representative Jamieson Greer earlier this month on the sidelines of the G20 trade ministers’ meeting in Milwaukee, where both sides discussed issues related to the trade pact.
The minister also said India is simultaneously negotiating trade agreements with several countries and blocs, including Israel, Chile, the Gulf Cooperation Council and the Russia-led Eurasian Economic Union.
Talks with Canada are moving at a faster pace, while negotiations with the South Africa-led SACU grouping are expected to begin soon. Goyal also said trade discussions with Mexico are set to start next week.
The UK and Canadian trade ministers are also expected to visit India next week. India and the UK implemented their trade agreement in July, and the UK minister’s visit will include the India-UK Joint Economic and Trade Committee meeting.
The comments indicate that India is continuing to expand its trade agreement network while recalibrating the proposed US pact in response to changing global trade conditions and tariff policies.
