Commerce and Industry Minister Piyush Goyal on Monday said that India and the United States are in the advanced stages of negotiations for a bilateral trade agreement.
Speaking to journalists, Goyal said India has already finalised free trade agreements with three members of the Five Eyes (FVEY) intelligence alliance — Australia, United Kingdom, and New Zealand. The other two members of the grouping are the United States and Canada.
The minister said India is also preparing to re-engage Canada on a bilateral trade pact. “We are soon going to launch discussions for the terms of reference with Canada as well,” Goyal said, adding that the move reflects India’s growing strategic importance in global geopolitics.
Goyal’s remarks come against the backdrop of recent talks between Indian officials and a US delegation led by Rick Switzer, who visited New Delhi earlier this month.
Commerce Secretary Rajesh Agrawal had earlier said that India is “very close” to finalising an initial framework deal with the US aimed at reducing reciprocal tariffs.
“We are very close to closing the initial framework deal, but I do not want to put a timeline to it,” Agrawal said during a press briefing on December 15. He added that the two countries have completed six rounds of discussions covering both a Bilateral Trade Agreement (BTA) and an interim arrangement to lower tariffs.
Agrawal said there is a reasonable expectation that an interim agreement could be reached to reduce steep tariffs on a majority of Indian exports to the US.
Earlier, Goyal had said that while the talks were progressing well, India would not negotiate under deadlines. Commenting on Switzer’s two-day visit to Delhi, he said substantive discussions were held but stressed that agreements must be mutually beneficial.
“A deal is only done when both sides benefit. Negotiating with deadlines often leads to mistakes,” the minister said.
Agrawal also noted that the two sides exchanged views on a wide range of issues related to India–US trade and economic ties, including the ongoing negotiations for a comprehensive and mutually beneficial trade agreement.
— IANS
