Blitz Bureau
NEW DELHI: The India-US bilateral trade agreement (BTA) talks have entered the final stage, with most key issues having been sorted out and both sides working towards a deal that gives New Delhi an advantage over its competitors, Commerce and Industry Minister Piyush Goyal said on July 2.
Speaking at the NDTV Indo-Japan Strategic Dialogue, Goyal said he does not foresee any major hurdles in concluding the US trade agreement despite recent legal and policy developments in Washington.
“We don’t see any difficulties with the US,” Goyal said, adding that “concessions and other elements have largely been finalised.” He said India has consistently sought preferential market access over competing nations, a position that has been understood by the US administration.
Following the US Supreme Court’s decision to strike down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), Goyal said Washington is now working on an alternative mechanism that would preserve India’s competitive advantage. He added that US Trade Representative (USTR) Jamieson Greer has acknowledged India’s position during the negotiations.
Despite higher tariffs, India’s exports to the US have remained resilient. Goyal said bilateral trade has continued to grow and projected that India’s merchandise exports in the April-June quarter will rise about 15 per cent year-on-year.
Goyal further stated that the India-UK Free Trade Agreement (FTA) will take effect on July 15, opening up new opportunities for Indian exporters.
Besides, the legal scrutiny of the India-European Union Free Trade Agreement is expected to conclude within 10 to 12 days, after which it will move through the approval process, he added.
