India and the US have concluded most of the discussions for a proposed bilateral trade pact, and they are now fine-tuning the agreement, Commerce and Industry Minister Piyush Goyal said on Monday.
“We have concluded most of the discussions and are fine-tuning the agreement,” he said while talking about the India-US trade agreement. The minister is in The Hague on a two-day official visit. He is accompanying a business delegation.
Addressing the India-Netherlands Business Forum, he said India has concluded nine free trade agreements in the last four and a half years.
India and the US, in February, announced finalisation of the framework for the first phase of the bilateral trade agreement (BTA). However, changes in the tariff landscape in the US have led to further negotiations on the pact.
Earlier this month, Goyal said that the two nations had announced in February that they had reached a framework for an interim trade agreement. But circumstances have changed, and the pact will be finalised accordingly, Goyal said while addressing members of the industry chamber PHDCCI.
“USA (trade pact) February me announce hua. Thodi paristhitiyan badli hain, usko abhi madde nazar rakhte hue final hoga. (It was announced in February. Some circumstances have changed; the final decision will be made keeping that in mind),” Goyal said.
He also said that multiple trade pact negotiations are on including Israel, Chile, GCC (Gulf Cooperation Council) and Russia-led group Eurasian Economic Union (EAEU).
Goyal recently met US Trade Representative Jamieson Greer on the sidelines of G20 trade ministers’ meeting in Milwaukee. Both discussed trade pact-related issues.
India-US Trade Pact Would Be Different: Trump
US President Donald Trump said that India and the United States are close to reaching a trade deal, adding that the agreement would be different from earlier trade pacts. He made the remarks while speaking to reporters at the Oval Office during US Secretary of State Marco Rubio’s visit to India.
Responding to a question on the trade pact during a brief media interaction, Rubio said that “a small number of items are left to be wrapped up” and hoped it will be sealed “shortly”.
“I would say we’re about as close as you can be without having an executed agreement. I think there’s a small number of items left to wrap up. So I think that will happen shortly — we’re hoping, which it should — and hopefully have some good news to announce fairly soon. And perhaps the leaders can sign it thereafter,” he said.
