New Delhi — India and the United States are in the final stage of negotiations on a bilateral trade agreement, with most major issues resolved and both sides working toward a deal that gives Indian exporters an advantage over competitors, Commerce and Industry Minister Piyush Goyal said Thursday.
Speaking at the NDTV Indo-Japan Strategic Dialogue, Goyal said he does not expect recent legal and policy developments in Washington to create significant obstacles to concluding the agreement.
“We don’t see any difficulties with the US,” Goyal said, adding that “concessions and other elements have largely been finalised.”
India has consistently sought preferential access to the U.S. market compared with competing countries, and the Trump administration has understood that position, he said.
Following the U.S. Supreme Court’s decision to strike down tariffs imposed under the International Emergency Economic Powers Act, Washington is working on an alternative mechanism that would preserve India’s competitive advantage, according to Goyal. He said U.S. Trade Representative Jamieson Greer has acknowledged India’s position during the negotiations.
India’s exports to the United States have remained resilient despite higher tariffs, Goyal said. Bilateral trade has continued to expand, while India’s merchandise exports during the April-June quarter are expected to increase about 15 percent from the same period a year earlier.
Goyal also said the India-U.K. Free Trade Agreement will take effect July 15, creating new opportunities for Indian exporters.
A legal review of the India-European Union Free Trade Agreement is expected to be completed within 10 to 12 days, after which the pact will proceed through the approval process, he said.
Goyal expressed confidence that the agreement will take effect before the end of the year, noting that all 27 EU member states support the pact and none has opposed the negotiations.
The minister also emphasized Japan’s importance to India’s economic ambitions. While investment has historically formed the foundation of bilateral relations, he said the next phase should focus on expanding trade, technology partnerships and skilled-worker mobility.
Japan remains a key partner in India’s long-term growth strategy, Goyal said. (Source: IANS)
