Goyal: India Will Seal US Trade Deal Once Tariff Advantage Is Secured
NEW DELHI- India will finalize its bilateral trade agreement (BTA) with the United States once Washington provides Indian exporters a preferential tariff advantage over competing countries, Commerce and Industry Minister Piyush Goyal said on September 3.
Speaking at the National Workshop on “Leveraging FTAs an Outreach Programme” here, Goyal said India had secured a good deal in all nine free trade agreements (FTAs) finalized so far.
The Commerce and Industry Minister said every agreement was a win-win for both sides, with sensitive sectors, including those affecting farmers, fishermen, MSMEs and workers, as well as critical sectors such as pharmaceuticals, textiles, processed agri-foods and agricultural products, receiving terms that India could be proud of.
Goyal said that as soon as the “United States was able to provide India a preferential rate in comparison with India’s competition, the bilateral trade agreement (BTA) would be finalized and the finer details announced”.
On FTAs that are already operational and those expected to come into force, Goyal said India had set an ambitious target for the current year.
The India-UK FTA came into effect on July 15, while agreements with Mauritius, Oman, the UAE and Australia are already operational. The European Free Trade Association (EFTA), comprising four countries, is also set to become operational, followed by New Zealand and, thereafter, the European Union’s 27 member states.
Goyal said India’s exports during the first four months of the current year had reached about $317 billion, compared with $280 billion during April-July last year, an increase of about $36-37 billion.
He said exports generally accelerate as the country moves closer to Christmas and peak during the January-March quarter. The current trend was a good sign, he said, while emphasizing the need to sustain the growth.
Referring to the August numbers available so far, Goyal said India appeared to be on course, adding that expanding trade opportunities would help Indian exporters access more markets. (IANS)
