The India-US bilateral trade agreement negotiations are in the final phase, according to Commerce and Industry Minister Piyush Goyal. Key issues have been addressed, and both countries are striving for a deal that benefits New Delhi in comparison to its rivals. Goyal expressed optimism about concluding the trade agreement with the US, emphasizing that most concessions and terms have been settled.
Goyal mentioned that India has consistently pushed for preferential market access over other competing nations, a stance that has been well-received by the US government. He highlighted that following the US Supreme Court’s decision to overturn tariffs imposed under the International Emergency Economic Powers Act (IEEPA), efforts are underway to develop an alternative mechanism that safeguards India’s competitive edge. The US Trade Representative (USTR) Jamieson Greer has recognized India’s stance during the discussions.
Despite facing higher tariffs, India’s exports to the US have shown resilience, with bilateral trade continuing to expand. Goyal anticipated a 15% year-on-year increase in India’s merchandise exports for the April-June quarter. Additionally, he announced that the India-UK Free Trade Agreement (FTA) will be operational from July 15, offering new prospects for Indian exporters.
Goyal also mentioned that the legal review of the India-European Union Free Trade Agreement is nearing completion, with expectations that it will progress through the approval process shortly. He expressed confidence in the agreement coming into effect before the year ends, given the unanimous support from all 27 EU member states. Goyal underscored Japan’s strategic significance in India’s economic aspirations, emphasizing the need to enhance trade, technology collaborations, and skilled workforce mobility in the bilateral relationship.
