India-US Trade Deal Nears Completion, Talks Almost Finalised Says Piyush Goyal

New Delhi: Negotiations regarding a bilateral trade agreement between India and America are now in the final stages. Union Commerce and Industry Minister Piyush Goyal said the government wants a trade agreement that is equitable, balanced, and in the interest of both countries. He said that if everything goes well, the deal could happen any day—tomorrow, next month, or next year.”

Goyal said, "We want a good trade agreement in the interest of India. Our effort is that it should be a fair and level playing field. The government is ready for every situation."

Negotiations almost complete; now it's America's turn

A senior official said that talks with America are almost complete and there is no possibility of any new round of discussions. He said, "Now America has to respond to us. This will be the most comprehensive agreement ever and in accordance with WTO rules. We have negotiated carefully, keeping in mind the sensitivity of every sector. There is no fixed deadline on this."

Donald Trump hints at reducing tariffs

Meanwhile, US President Donald Trump also talked about better trade relations with India and said that America is considering reducing the 50% import duty imposed on India. He said both countries are moving towards a “fair trade deal.”

“They (India) are not very happy with us, but we will start liking each other again,” Trump said. It is noteworthy that till now five rounds of formal talks have taken place between India and America. In these talks, Commerce Minister Piyush Goyal and Foreign Minister S. Jaishankar met with their American counterparts.

Negotiations with other countries are also increasing rapidly

India is working rapidly on new trade agreements not only with America but also with other countries. The official said that the agreement with New Zealand has almost been finalized and New Zealand Commerce Minister Todd McClay will visit India this Friday. At the same time, European Union (EU) Trade Commissioner Maros Shefkovic will visit India in mid-December.
Meanwhile, the Gulf Cooperation Council (GCC) has also expressed willingness to start trade talks with India, while its member states Bahrain and Qatar want to enter into separate bilateral agreements.

Discussions with Israel on defence, technology and agriculture

Goyal will also visit Israel next week, where investment and trade in the defense, technology, and agriculture sectors will be discussed.

India's new goal: trade with developed countries

Addressing the meeting of state commerce and industry ministers, Goyal said that India's new strategy is now to make trade agreements with developed countries so that the country can reach the goal of becoming a developed economy. He said that earlier most of India's agreements were with countries that were "competing economies," such as ASEAN countries.

Goyal also pointed out that India is now also exploring opportunities in new markets like Russia, especially for the fisheries industry, which has been hit by heavy tariffs imposed by the US.